Hey, What's with this Huge Gaping Hole?

While the city goes about with itself, Seattlest spends countless hours in an ivory tower somewhere between Pike Place Market and the Lusty Lady. We pace the floor with a hunched back, wringing our hands, wrinkling our nose and whispering, "what, what, what... is the meaning of this?"

Location: 2nd and Pine.
Old purpose: parking lot next to Macy's Garage.
New purpose: Huge gaping hole.

For at least six months now, we've walked past this huge gaping hole on our way to and from work. It's advertised as the future home of 1 Hotel & Residences. Says their website:

The journey begins, with the name itself. One of a kind, above all others, 1 redefines a new archetype of luxury in hotel and residential living: a one of a kind, sophisticated, modern environment that dares to be the best of everything without sacrificing the greater environment.

According to this Puget Sound Business Journal article, the building was schedule to open in late 2008. On-site signs now say 2009. Could be any number of reasons for the delay, but we're guessing maybe a sudden lack of million-dollar-home buyers this year.

Oh well. Here's to another six months of looking at a huge gaping hole. It's kind of fun imagining it becoming a humongous community swimming pool instead. Except for all the pee, of course.