The Pioneer Street Group announced they would be breaking ground soon on a 2-tower, 24-floor project with 654 units! The project is located at 6th & Lenora in Belltown, and represents the second largest apartment development to date in Seattle.
The mixed-use building will also feature 18,000 square feet of retail space on the ground level and is the biggest project in the Denny Triangle in over 3 years.
This project, coupled with several other large apartment projects, represents a shift in the confidence of developers regarding apartment construction. With the condo market currently floundering and a high demand for more rental units, the race is on to build new apartment buildings.
Demand for rental units will likely outpace supply until 2013, making current apartment projects strong investments as long as no time is wasted in their construction.
More information about the Belltown project here. How do you see the addition of 654 units in one project affecting the Belltown scene? Tell us your thoughts in the comments below, on Facebook or through Twitter!