Thursday, January 10, 2013

301 Capitol Mall Six Years Later

301 Capitol Mall former Towers site

It’s hard to believe how much has not changed at the former Towers site… it's been six years today since the job to construct two 53-story residential towers at Third Street and Capitol Mall was halted. Even if the two 600-foot towers estimated to cost $750 million project had been built, with the regions record home foreclosure rate over the last 4 years, today I imagine it would sit more than half empty like the L Street Lofts which only sold 22 of the 92-units. My contact at CalPERS says there are no plans to develop the site in the near future.
Just think, if 17 more condominiums would have sold to reach the bank requirement of 400 units, money from CalPERS and Deutsche Bank would have continued to invest in the project.