Boom Pb Elemental’s Lead Balloon Bursts
posted by October 13 at 13:04 PMon
Pb Elemental, the development firm behind some of Seattle’s most daring and innovative towers and houses, laid off 16 of its 50 employees last Friday. The layoffs are across the board, including architects, project managers, and adminstrative staff.
“It makes us heartsick,” says Michael Boyd, a spokesman. “This is a regrettable thing that we did but a necessary business decision.” He cites the ailing economy and credit markets for the layoffs, but he wouldn’t name the specific projects that may have been canceled or postponed. “We’re not breaking that out at this point,” he says, adding, “The residential market is tough.”
Pb Elemental has proposed a series of delightfully boxy town houses in the greater Seattle area, especially in the Central District. Many are already built. The company has teased us with the tapered Trophy Building, an ambitious residential tower that the company “moved away from,” and the unapologetically stark I.D. Building, a mixed-use hotel. That building is delayed due to rezoning, he says, but is still on the table.
“I should point out that we don’t foresee any additional layoffs being necessary,” says Boyd.