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Mapping Developments Affected by Lobsang Dargey Allegations

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Image: Ronald Holden

Almost exactly a year ago, developer Lobsand Dargey was posing for photos with Seattle mayor Ed Murray and actor Tom Skerritt at the groundbreaking for Potola Tower, a $190 million apartment/hotel tower that would rise 41 stories over Belltown. Today there are serious questions as to whether or not that and other large-scale properties will ever be completed following allegations that the former Tibetan Monk defrauded investors and misused funds. Specifically, Dargey is accused of diverting $14 million in foreign investor money from his Seattle and Everett projects to pay for his Kirkland and Shoreline projects. He is also alleged to have pocketed $13 million, some of which was used to buy his home and trips to the casino. Because of the the civil action filed by SEC, a judge has frozen all assets on Potola Tower as well as the Potola Place project in Everett. The ripple effects and fallout of all this could affect not only those projects but multiple other ones from Everett to Seattle to Kirkland.


· Seattle monk-turned-developer accused of bilking foreign investors [PSBJ]
· Ex-monk's assets frozen after fraud allegations, could endanger real estate deals across the region [PSBJ]
· Controversial Kirkland apartment project likely delayed after fraud allegations [PSBJ]
· Tom Skerritt & Tibetan Monks Break Ground on Potala Tower [CS]

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1. Potala Tower

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2116 4th Avenue
Seattle, WA 98121

This 41-story hotel and apartment project in Belltown broke ground last year with a celebrity appearance by actor Tom Skerritt as well as Mayor Ed Murray. The building is expected to include 342 residential units, most of them condos. Construction is still ongoing but there's a good chance that will cease in the next couple days as the assets have been frozen. The project cost about $190 million and is said to have been heavily-involved in the EB-5 scam.

2. Potala Village Kirkland

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1006 Lake Street South
Kirkland, WA 98033

The four-story Potala Village project has been mired in legal issues long before this new batch of controversy. Originally-approved for 143 multi-family units, 316 underground parking stalls and 6,200 square feet of retail space, the project was deemed "too big" for the neighborhood by locals and has been locked in lawsuits and setbacks since. The project was then downsized to 88 units and smaller retail areas but something tells us even that won't be happening now.

3. Potala Village

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1315 Pacific Avenue
Everett, WA 98201

Located in downtown Everett, this new mixed-use community includes 220 apartments and over 45,000 sf ft of retail shopping and dining, including The Market at Potala Place. It's already open but we'll have to wait and see if there's any financial affect here.

4. Potala Place Shoreline

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This 7-level apartment development is/was set to include approximately 309 residential units over 298 parking stalls. It would be two midrise residential towers above a single concrete podium with retail space on the ground floor. It was working on a completion date of July 2017 but we'll see how that goes.

5. Potala Place Othello

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4003 South Othello Street
Seattle, WA 98118

This 500-apartment project is still in the design phase but there's a good chance it might wait there forever now. The plan is to include a public plaza/mid-block connector, 10,000 sq ft of retail space, live/work options and onsite parking for bikes and 500 cars. We'll see.

6. Potala Place Everett

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2900 Grand Avenue
Everett, WA 98201

This $30 million project takes up a full block and is among downtown Everett's biggest developments in years. It's also the first Built Green building in Snohomish County. The six-story complex is/was set to have 220 market-rate apartments, 47,000 square feet of retail space and space for a dedicated farmer's market. Unlike the fresh food at the market, all assets and money related to this place have been frozen.

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1. Potala Tower

2116 4th Avenue, Seattle, WA 98121

This 41-story hotel and apartment project in Belltown broke ground last year with a celebrity appearance by actor Tom Skerritt as well as Mayor Ed Murray. The building is expected to include 342 residential units, most of them condos. Construction is still ongoing but there's a good chance that will cease in the next couple days as the assets have been frozen. The project cost about $190 million and is said to have been heavily-involved in the EB-5 scam.

2116 4th Avenue
Seattle, WA 98121

2. Potala Village Kirkland

1006 Lake Street South, Kirkland, WA 98033

The four-story Potala Village project has been mired in legal issues long before this new batch of controversy. Originally-approved for 143 multi-family units, 316 underground parking stalls and 6,200 square feet of retail space, the project was deemed "too big" for the neighborhood by locals and has been locked in lawsuits and setbacks since. The project was then downsized to 88 units and smaller retail areas but something tells us even that won't be happening now.

1006 Lake Street South
Kirkland, WA 98033

3. Potala Village

1315 Pacific Avenue, Everett, WA 98201

Located in downtown Everett, this new mixed-use community includes 220 apartments and over 45,000 sf ft of retail shopping and dining, including The Market at Potala Place. It's already open but we'll have to wait and see if there's any financial affect here.

1315 Pacific Avenue
Everett, WA 98201

4. Potala Place Shoreline

15560 Westminster Way North Shoreline, WA 98133

This 7-level apartment development is/was set to include approximately 309 residential units over 298 parking stalls. It would be two midrise residential towers above a single concrete podium with retail space on the ground floor. It was working on a completion date of July 2017 but we'll see how that goes.

5. Potala Place Othello

4003 South Othello Street, Seattle, WA 98118

This 500-apartment project is still in the design phase but there's a good chance it might wait there forever now. The plan is to include a public plaza/mid-block connector, 10,000 sq ft of retail space, live/work options and onsite parking for bikes and 500 cars. We'll see.

4003 South Othello Street
Seattle, WA 98118

6. Potala Place Everett

2900 Grand Avenue, Everett, WA 98201

This $30 million project takes up a full block and is among downtown Everett's biggest developments in years. It's also the first Built Green building in Snohomish County. The six-story complex is/was set to have 220 market-rate apartments, 47,000 square feet of retail space and space for a dedicated farmer's market. Unlike the fresh food at the market, all assets and money related to this place have been frozen.

2900 Grand Avenue
Everett, WA 98201