It was August 2014 when developer Lobsang Dargey broke ground with Seattle mayor Ed Murray on the 40-story Belltown mixed-use tower. Almost exactly a year later development stopped when Dargey was accused of pilfering millions from investors on the project. Now a judge has ruled that a development partnership between Binjiang Tower Corp and Molasky Group can take over the project and attempt to reboot it.
Currently just a hole in the ground along 4th Avenue between Blanchard and Lenora streets, the hotel/apartment complex could begin construction again if a new deal is confirmed by August, two years since the initial groundbreaking. Deal confirmation must be approved by Dargey as well as all of the foreign investors who committed $83M to the project in the hopes of receiving EB-5 visas, which is now no longer in play.
Part of the deal would require the new development group to pay $1.8M towards Lobsang Dargey's attorney fees, something the SEC reportedly opposed.
The original plan for the tower included 342 residential units (most of which would be condos), 142 hotels rooms, 2,743 square-feet of retail space, and 329 parking spaces.
· Tom Skerritt & Tibetan Monks Break Ground on Potala Tower [CS]
· Judge OKs plan to restart stalled Belltown tower [ST]
· Mapping Developments Affected by Lobsang Dargey Allegations [CS]
· Belltown's Potala Tower Could Be Revived With New Deal [CS]