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Old Posted May 13, 2016, 11:50 PM
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chris08876 chris08876 is offline
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
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Deal falls through — again — for long-vacant city of Seattle property

Quote:
A full block west of Seattle City Hall will remain a fenced hole for now, as Mayor Ed Murray says that a development deal fell through because of financing problems.

It’s one hole the city of Seattle hasn’t been able to fill.

Although construction cranes sprout around its prime location, the full block just west of City Hall will remain undeveloped for the foreseeable future.

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.

For 11 years the plan has called for selling the parcel, site of the city’s Public Safety Building until its 2005 demolition. In exchange, a developer would create office, residential and retail space, plus a public plaza on the site bounded by Third and Fourth avenues and James and Cherry streets.

Murray said the city should assess whether the design is viable. City Council President Bruce Harrell said it’s time to go back to the drawing board.

“It seems at this point, given its checkered past, that we need to start over,” Harrell said. “We just need a fresh start. Some of the assumptions back in 2005 may not be valid.”

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http://www.seattletimes.com/business...s-undeveloped/
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