October 24, 2024
On the Block: Pit, Ranked
Pit is a key barometer and a key/disease economic indicator that we track closely at DJC. These cavities beneath the earth’s surface are a hallmark of stagnant development… dirt beneath their fingernails and no means of climbing out of the surface. When optimism, initiative, capital, debt, bold and fanciful architecture, and a developer’s dreams meet an unforgiving market, pitfalls occur.
More buildings will be built. However, there are still pitfalls. And they are now spreading across the region like pox on the once fair façade of commercial real estate. It’s an epidemic and an epidemic, but it’s also the honest truth of the market.
The last big wave of pits came after the Great Recession around 2008-2009. Some may remember the old hole-in-the-wall at Second and Pine, which was once a hotel. Starwood filled it with gravel to create a parking lot, and years later the Charter Hotel and Helios Apartments were built out of the void.
So let’s evaluate today’s pit. Let’s rank them on a scale of 1 to 5 stars. But let’s not confuse them with their relatives, the rubble-strewn lands. (RSLs are generally fenced and relatively tidy and represent a deferred investment rather than a sunk cost.)
The Pit: 801 Third Ave., Urban Visions’ proposed office tower site, also known as The Net.
Content: location, location, location. This pit is located along a major bus route in the heart of downtown. Unfortunately, that’s exactly where office workers don’t want to go back.
What’s missing: Depth. This pit, located on a slope, requires further excavation. Generally gives the vibe of not trying hard enough. There’s still a lease sign from JLL, but it’s the building, not the pit, that’s for sale. A good sign is that there isn’t a lot of trash or graffiti. This is a beautiful hole.
Rating: 1 out of 5 stars.
Conclusion: This pit needs to be rotated. Probably going to an apartment.
This U-district pit is now clean, presentable, and eager to learn.
Pitt: Old University Temple United Methodist Church.
Features: Close to the UW campus and the U District train station, both of which are just steps away, makes Pitt very student-friendly. Developer American Campus Communities and architect GGLO have approved a two-tower plan for 224 units (with more beds).
What’s missing: Urgency. The master use permit was issued in 2021 and the church was demoed soon after (pictured). ACC was sold to investment giant Blackstone the following year. So has this project gotten lost in the seat cushion? This pit is clean, nice looking and eager to learn.
Rating: 2 out of 5 stars.
Bottom line: Rival private student housing projects are on pause in the U District, so pave it for parking and wait for demand to pick up. Or sell it to the US.
Pit: 701 S. Jackson St., from Housing Diversity Corporation.
Includes: Posts and shoring for a future 202-unit building designed by Neiman Taber Architects. Worker housing is a worthy goal. The current reality of the pit, which has been out of action since December of last year, is standing water, random trash, colorful graffiti and a few orange traffic cones thrown over the fence.
What’s missing: more water, diving boards, waterfowl, public lifeguards, landscaping with native plants, concession stands and fountains.
Rating: 3 out of 5 stars.
Bottom line: Time to sell? Perhaps to the Seattle Housing Authority?
The Pit: The former site of Tap Tim Thai in Uptown.
Contents: Rich and revived greenery. Natural natural filling elasticity. Thoreau’s pastoral landscape includes bees and other pollinators, wildflowers, rabbits and mice, the sound of grass blowing in the wind, chirping birds, and chirping insects. Slabs of concrete will be broken by new roots, civilization will gradually decline, weeds will become pocket forests, and one day the forest may show nature’s absolute indifference to humans. It is both a celebration and a condemnation.
What’s missing: SRM Development’s progress on its seven-story, 113-unit apartment project. Cheap and convenient Thai food too.
Rating: 3 out of 5 stars.
Bottom line: In another year or two, the city may buy it outright for a new city park.
Pitt: Old Seattle Times North Block at SLU
What: As DJC first reported earlier this month, more than 800 new apartments could be built in two towers after Onni Development abandoned its stalled office plan at 1120 John St. There is sex.
What’s missing: Timing. First, in 2014, it was slated to become apartments. Then it was the office. And then I went back to the apartment. Get ready, unnie! Still, a very clean and well maintained pit. Professional and exemplary pit.
Rating: 3 out of 5 stars.
Conclusion: Unni is making the right choice by moving to an apartment complex.
The Pit: 165 S. Washington St. (next to McCoy’s Firehouse Bar & Grill in Pioneer Square).
Contents: History! This has been a pit since 2003. Once home to the Area 51 punk rock venue, the earthquake-surviving remains of two 1880s buildings have been cleared by owner Urban Visions. The latter has plans for an eight-story, 77-apartment project with fellow developer Johnson & Kerr, but it has been quiet for years and is still awaiting final approval.
What’s missing: more mature shrubbery, better graffiti, overturned shopping carts, additional orange traffic cones, raccoons, squatters, a stronger commitment to a mise-en-scène of ennui and urban decay.
Rating: 2 out of 5 stars.
Bottom line: Pioneer Square already has a disproportionate concentration of shelters and soup kitchens compared to other areas of the city. However, permanent supportive housing may be the best outcome here.
Pit: Old public security building area.
Features: Approximately 1.3 acres of downtown development potential, high-rise zoning, excellent access to transportation and services, plus shoring, columns, and depth. The building has been vacant since it was demolished in 2005, before the Great Recession.
What’s missing: A clear purpose. Long before the pandemic, Canadian developer Botha Development made a big bet on building a 57-story apartment tower, paying the city about $22 million in development rights fees in 2019. After just a few months of pit maintenance, construction was halted in 2022.
Rating: 5 out of 5 stars.
Bottom line: The city needs to reacquire Pitt through condemnation, pay Bosa a reasonable kill fee, and begin a new project for middle-class, mixed-income housing.
Any tips? Contact DJC Real Estate Editor Brian Miller at brian.miller@djc.com or call (206) 219-6517.
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