Council bill will give Seattle developers more time for stalled projects

The Seattle City Council is set to vote on a bill allowing developers to extend existing permits by two years, aimed at projects hindered by economic difficulties. This legislation targets developments approved under the older 2015 and 2018 Seattle Building Codes, preventing costly redesigns associated with compliance to newer codes. Currently, developers face a 24-month review period and an 18-month validity for issued permits, which can be renewed for an additional 18 months. The extension is contingent on property owners proving their projects have stalled due to financing issues. The council's land use committee amended the bill to include more recent projects, expanding its reach.

The city estimates that more than 3,000 projects could benefit from this extension, potentially adding 34,000 new housing units. The construction slowdown across Capitol Hill has raised concerns, as developers cite increased interest rates and economic uncertainty as factors limiting activity. This legislative move aims to revitalize development efforts and address housing shortages in the area.