Last month, Crescent Heights Inspirational Living's big plans for a 102-story tower at Fourth Avenue and Columbia Street (dubbed 4/C) took a hit when the FAA sent a "notice of presumed hazard" stating that the 1,117-foot building would be too tall and that something in the range of 965 feet would be more favorable. The developer has now revised its plans and will present designs for a 100-story tower to the design review board on March 1. Plans now call for 1,100 residential units on the upper floors (down from 1,200) and 85,000 square feet of office space (down from 150,000 square feet). The hotel at the base of the building will now have 100 rooms (down from 150) but will retain the original plan for 750 parking spaces.
Timed with this update is a new longread from Crosscut worth checking out about how the 4/C development represents the Seattle building boom and what it's doing to the future of the city. As you might imagine, they see the costs being huge for this project, not just for the developer but also for those who live there.
Although Crescent Heights has declined to discuss the project, local real-estate experts estimate that even a truncated building would cost upwards of $700 million, with rents for the larger, upper-floor units easily topping $15,000 per month — doubling Seattle's existing luxury high-rise rates, and implying a clientele which might not actually exist in the city. Some speculate that Kahn will market his building to the global elite. Others say Kahn believes booming Seattle will soon have enough upscale tenants of its own. ...Although the company says 4/C will feature units for "all types of people and incomes," the building will probably tilt way upscale. For one thing, according to local real estate agents and developers, it will need extremely high rents to recoup the costs associated with ultra-tall towers. This is say nothing of the $47 million paid for the parcel at 4th and Cherry, among the highest in city history.
The TL;DR version? One way or another this thing is getting built and you probably won't be able to afford to live there.
· Downsized: Seattle's mega skyscraper now has only 100 floors [PSBJ]
· Understanding Seattle's high-rise boom [CC]
· 701 4th Ave [DPD]