Massive condo building coming soon near me?

In the spot where Teatro Zinzanni used to be, there is a map depicting a huge, two-tower 41 story building called the Insignia Towers.

After doing a little reading on the Seattle Condos and Lofts Blog it appears development has been put on hold. This is, evidently, becoming a fairly common occurrence in the Seattle market. Similar things are happening with The Heron Pagoda (“…due to a faltering economy, poor local condo sales and lack of financing for parts of the complex…”), the Ava Condo and Hotel, and there’s evidently a standstill with the Stewart & Minor hotel and loft project.

I don’t know enough about the Seattle real estate market to know if this is common, but I found it interesting. Some of these places look like they might be quite nice. The Stadium Lofts design is particularly unique.