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.

The Hole on Capitol Mall

I took these photos last week showing some of the changes at the site. These billboards have been put up on every corner and are most likely going to have a mural on them to liven up the area. They have also cleaned up the construction site so that the $20 million already spent on piles and foundation work won't rot away over the next couple years. I hope the new proposal has some residential... more office space at this location so close to the river would be a waist.

Time will tell...