Remember the Civic Square development? Eight years in the making, this Downtown Seattle-changing project on the block across from City Hall was put in jeopardy following a shakedown scandal that seemed to sever the relationship between the city and developer Triad Capital Partners. At the time, Seattle mayor Ed Murray deemed the 43-story, mixed-use tower and plaza project dead and initially refused to continue working with Triad. Then, the city extended the deadline for Triad to transfer the rights to develop the site and Seattle-based developer Touchstone was ready to take over.
Turns out, Touchstone couldn't get the financing together and now it seems as though the massive redevelopment project is truly dead.
Mayor Ed Murray announced Thursday that the latest development deal for the property fell through. "Unfortunately, no parties have been willing to commit capital to finance the project," Murray said in a statement.
The mayor said it was time to explore other options.
Some feel that overbuilding in the region scared off any potential developers willing to invest in such a big mixed-use office, residential, and retail project. Is for what happens now to the big, empty block, that remains to be seen. City Councilmember Kshama Sawant certainly has an idea for what Seattle needs and what it could build here. She wants to see affordable housing go up in the one part of the city it seems impossible for that to happen otherwise.
"The original deal with Triad should never have been signed, and Mayor Murray should never have extended it, but we now have the opportunity to do something positive with that space."
· Deal falls through — again — for long-vacant city of Seattle property [ST]
· Eight Years Later, 43-Story Civic Square Project Will Begin [CS]
· Civic Square Project May Have Found a New Developer [CS]
· Civic Square Development Back in Limbo Following Shakedown [CS]