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SEATTLE-The 32-story office and residential tower planned for the northeast corner of 8th Avenue and Olive Way might just as well end up a Hyatt hotel when all is said and done.

R.C. Hedreen Co. received a master use permit recently for the office and residential project, which would include 28,507 sf of retail space, 292,149 sf of office space, 85 luxury condos and parking for 304 vehicles in an underground garage. The project is estimated in the $60 million range.

Now Hedreen says it also is in discussions with Hyatt Hotels about a five-star, 200-room Park Hyatt — Hyatt’s line of smaller, five-star boutique hotels. The project site is adjacent the Paramount Theater and one block from the brand new Elliott Grand Hyatt, Hyatt’s four-star product.

The market will no doubt decide which project gets built. Early last year, Hedreen proposed a three-building, 750,000-sf office complex when it was believed Amazon.com would expand into it, but that faded with Internet retailer’s expansion plans.

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