There has been a gaping hole at the corner of Second Avenue and Pine Street in downtown Seattle for the last two years.
Excavation started for the 1 Hotel & Residences project—a proposed 23-story retail, hotel and condo building—in June 2007. But work halted on the luxury tower later that fall when the developer acknowledged it couldn't get the necessary construction financing. Two years later, property owner Connecticut-based Starwood Capital Group, has applied for and received approval to fill the hole and establish a 6-month temporary parking lot for 40 vehicles.
According to a recent article in the Seattle Times, the city did not require Starwood to refill the excavated pit, and the investment company is still dedicated to building the project once the economic climate improves.
