Six years ago, Triad Development teased Seattle with plans for a massive project on the block along Fourth and James called Civic Square. At the time, the city gave them until the end of this year to close the purchase on the land or pay $1M in extension fees. Instead, Triad has agreed to provide $1M promissory notes that hold its principals responsible.
The amended deal allows Triad to free up that money for development for what is now going to be a 42-story office and residential tower that includes a plaza with water fountain features. Triad says they've already invested $15M into the project, whose construction continues to sit in the TBD file.
· City of Seattle, developer tweak deal for 42-story downtown tower [PSBJ]