Potala Tower in Belltown started with such promise. Seattle mayor Ed Murray, actor Tom Skerritt, and Tibetan monks showed up for the groundbreaking. Developer Lobsang Dargey envisioned a 342-unit residential tower that rose 41 stories high. Then Dargey was accused of defrauding investors and misusing funds and all of his projects went into a standstill.
Nine months later, it looks like the stalled Potala Tower project may have new life as a judge will decide about a proposal that would transfer ownership from Dargey to Chinese company Binjiang and Las Vegas real estate developer Molasky. The two companies would complete the tower and invest $30M more into the project. An unusual caveat in the deal is that Dargey would receive $1.8 million to cover legal fees in his fight against the SEC.
Naturally, the SEC opposes the deal. They'll find out on Thursday whether or not it'll go through.
· Chinese firm competes with Vulcan to take over scandal-plagued Belltown tower project [PSBJ]
· Tom Skerritt & Tibetan Monks Break Ground on Potala Tower [CS]
· Mapping Developments Affected by Lobsang Dargey Allegations [CS]