Originally published November 5, 2009 at 12:19 PM | Page modified November 6, 2009 at 10:48 AM
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Foreclosure ends plan for twin downtown towers
A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.
A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.
New York lender G4 Capital Partners took title to about half the site of the proposed Heron and Pagoda towers this week, according to county records. G4 had loaned an affiliate of New York developer Multi Capital Group $13.7 million to buy the property, but the affiliate defaulted.
The property is on Fifth Avenue between Stewart and Virginia streets.
The Heron and Pagoda towers project, which was postponed indefinitely last year, would have included two 550-foot towers with 1.2 million square feet of condos, retail, hotel and office space.
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