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Old December 29th, 2015, 04:54 AM   #641
mhays
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So do I. The Mayor's threat was out of emotion, and while understandable, shouldn't kill a good project.
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Old December 30th, 2015, 10:34 PM   #642
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Does anybody know if their being issued a construction permit means that they must have "finalized the deal to acquire the block" already, or can they get that permit without actually having bought the block?

If it's the latter, I'd also hesitate to be overly optimistic until we've seen a headline.

If it's the former, I join the chorus of those who are emphatically happy.
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Old December 30th, 2015, 11:39 PM   #643
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I do not know the answer to that. I can tell you that it appears previous permits have had the OWNER section either blank or listing SDOT. This permit lists TRIAD CIVIC CENTER LLC.

That's far from proof of ownership ("Correct information is the responsibility of the applicant."), so don't take it at face value.
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Old December 31st, 2015, 02:26 AM   #644
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Quote:
Originally Posted by yurodivoy View Post
Does anybody know if their being issued a construction permit means that they must have "finalized the deal to acquire the block" already, or can they get that permit without actually having bought the block?

If it's the latter, I'd also hesitate to be overly optimistic until we've seen a headline.

If it's the former, I join the chorus of those who are emphatically happy.
http://m.bizjournals.com/seattle/blo...e-project.html

I wonder if city hall will comment tomorrow.
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Old December 31st, 2015, 02:54 AM   #645
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http://m.bizjournals.com/seattle/blo...e-project.html

I wonder if city hall will comment tomorrow.
Or today I guess.

http://www.seattletimes.com/seattle-...en-extra-time/

So city still says no to Triad but is giving them 60 days to make their money back instead of just voiding the contract immediately.
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Old December 31st, 2015, 03:01 AM   #646
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I'll call that good enough news. Dropping the project and starting over potentially means years of delay. Selling the project to another developer could be much faster. Though still not as fast as actually starting the project.
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Old December 31st, 2015, 05:41 AM   #647
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City gives Triad 60 days to find new developer for beleaguered Civic Square project Dec 30, 2015, 5:18pm PST

Marc Stiles
Puget Sound Business Journal


Triad Capital Partners' involvement in the scandal-plagued Civic Square skyscraper project in downtown Seattle will indeed end, but not when the calendar turns over to 2016.

A spokeswoman for the city's Department of Finance and Administrative Services on Wednesday said that, at the direction of Mayor Ed Murray, FAS is working to develop "a path forward" without Triad's involvement.
Seattle City Hall looms over the Civic Square site behind colorful wall. Bogged down by a political scandal the project developer, Triad Capital Partners of Seattle, agreement to develop the full block ends Thursday. But now the company has 60 days to find a developer to take over its interest in the 43-story office/condo project.

"FAS has agreed to engage in discussions for up to 60 more days to reach an agreement where Triad would assign its rights in this project to a new partner," FAS spokeswoman Cyndi Wilder said. She added the new partner is yet to be determined and would be subject to the city’s approval.

Triad has been working for eight years to develop the 43-story office/condo project on a city-owned block between Third and Fourth avenues and James and Cherry streets. The site is currently a hole in the ground, though walled off so the blight is less noticeable.
Civic Square has been mired in controversy since this fall when a Triad executive approached City Council candidate Jon Grant regarding a lawsuit that an affiliate of Grant's former employer, the Tenants Union of Washington State, had filed against the project.
Several weeks before the election the Triad executive, Brett Allen, told Grant that a political committee was going to spend money to defeat Grant, who was trying to unseat incumbent Tim Burgess. More about that is here.
Grant subsequently lost to Burgess, and Murray announced he had no desire to redevelop the block with Triad because he was "troubled" by Allen's actions. Triad officials said they had not authorized Allen to approach Grant, and they fired Allen.
Last week, the city awarded Triad a permit to do the excavation and shoring work for the tower. This signaled there was a chance for Triad to continue as developer, though the company still has some big boxes to check off by the end of 2015 in order to keep the deal alive. One of the biggest is finalizing the deal to buy the block from the city.
That apparently is not going to happen, though now it appears that Triad will be able to get out of the project without losing everything. Rather, the company could sell off its rights to develop the site to another company.

Triad has spent considerable time and money on Civic Square. Two years ago, Allen said Triad had invested $15 million on the design of the project. The company hired Pritzker Prize laureate Norman Foster, who leads international architecture company Foster + Partners for Civic Square. Under Foster's plan, the project would have a plaza with water features around the high-rise.
Triad President Fred Grimm was not available to comment Wednesday.

Marc Stiles covers real estate for the Puget Sound Business Journal.
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Old December 31st, 2015, 06:39 AM   #648
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Does that mean whoever buys these rights have to use that design? I know for the sake of time that would be the preferred outcome but some have mentioned it is located in an unlimited zone for height, might that be something that could affect what happens next? This could be another opportunity for Selig to go big
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Old December 31st, 2015, 08:46 AM   #649
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This is presumably contingent on using the same design. Otherwise the City would re-start the procurement process, award sometime in 2016, get a start in 2018 maybe if the market holds up....
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Old December 31st, 2015, 06:45 PM   #650
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Quote:
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Does that mean whoever buys these rights have to use that design? I know for the sake of time that would be the preferred outcome but some have mentioned it is located in an unlimited zone for height, might that be something that could affect what happens next? This could be another opportunity for Selig to go big
Not unlimited. DMC 340/290-400
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Old December 31st, 2015, 08:04 PM   #651
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The zoning on this block in effect transitions between the unlimited height zoned core and the low-to-mid zoning of historic pioneer square
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Old December 31st, 2015, 11:20 PM   #652
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Not unlimited. DMC 340/290-400
Oh............I was too lazy to look at the map, well then since that is the case lets hope it will be snatched up quickly. Yeah it would be nice to get a little step down look there.
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