Mastro Properties bought Leilani Lanes and closed it, planning to put up a big block of apartments, but Mastro went under (if you're bored, googling Mastro bankruptcy is fun: http://www.bizjournals.com/seattle/blog/2011/06/mastro-trial-war-of-the-rings-is-back.html).
I guess meetings have started up again.
It looks like the architects are driving the process; who knows who the developer would be if it actually happens. I feel like that's a little far north for this kind of thing, but I clearly have terrible judgement in this area.
If grouparchitects _is_ leading the process, they aren't the only architect-led developer in Seattle:
They're doing Harvard Flats on Cap Hill. Is this where a design+build passion takes you?
Oh, wait: looks like they don't sell the buildings, either; they manage them.
Here's stuff about the North Lot development (alternative scheme for getting space in an urban area: take a stadium parking lot).
And another parking lot sold to build hotel + apartments: