Another one bites the dust...

The Marlborough is scheduled for foreclosure auction in May. This building is a 13 story Gothic-revival building built in 1927. Formerly apartments, The Marlborough is one of several projects for Live Historic. They were in the process of converting the building on First Hill into condos. You can see Live Historic's projects: here.

While they make a nice product, it looks like we can chalk this up as yet another casualty for developers. I'm not quite sure the building will fetch the $19.9 million in debt the company has towards this project since it will more than likely turn back to apartments for the time being.

The 4th quarter was a tough one for Seattle real estate but it's likely this project has been in trouble for some time.