Seattle Megadeveloper Hit Again, Two Towers on Ice
Project Delays Impact Seattle's Ambitious Development Pipeline Seattle's ambitious development pipeline is under increasing pressure from various economic challenges. Over 34,000 potential housing units are at risk as more than 3,000 projects face delays and regulatory issues. The construction industry is still dealing with the legacy effects of the pandemic. These effects have disrupted project timelines throughout the city. As rising labor and material costs hinder development, developers are unable to meet growing demand, exacerbating market scarcity. High interest rates and persistent inflation add to these challenges. Developers are experiencing financial strain as they navigate a volatile market. Regular updates to the Seattle Building Code create additional regulatory hurdles. These updates require significant redesigns for ongoing projects when permits expire. The city is considering a two-year extension on existing permit applications to help developers avoid costly ...