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Old June 27th, 2015, 01:17 AM   #21
mhays
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You're pretty obsessive and rule-breaking to claim innocence. The various banned and not-banned personas? The 100% focus on this single project by all of them? Of course you're trying to trash the project. (For the new folks, many of his posts have been deleted.)
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Old June 29th, 2015, 04:22 PM   #22
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LETS STICK TO THE TOPIC OF THE THREAD

This is a thread about one specific project - Seattle Potala Tower.

This is not a thread about personalities. Please stick to the topic.

The question has been raised about whether the claimed "construction underway on Potala Tower" is an accurate representation of what is happening.

I joined the discussion to present what I find in City Documents and to date there does not appear to be approval of the Permits and Permissions needed to do construction on Potala Tower.

There is permission to dig a hole in the ground and shore up the sides. There cannot be construction of a tower until Potala Tower has the full review of the city. It appears this tower requires MAJOR use changes and the more rigorous II Review.
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Old June 29th, 2015, 05:49 PM   #23
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Can we get a mod in here? Another ban, please.
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Old June 29th, 2015, 08:14 PM   #24
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It seems that you are trying to ban someone who is being respectful, sticking to topic and not breaking any of the rules.

Is this how you handle someone who has a difference of opinion than you? Someone who wants to actually look to see the approval status of a project?

If you have difference of opinion than me, or can substantiate claims that I'm incorrect, I respectfully welcome that. I do request that you follow the rules about respecting others (and their opinions) even if theirs are different than your own.
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Old June 30th, 2015, 11:30 PM   #25
mhays
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Being on SSC solely to slam one project isn't bannable. But multiple identities is.
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Old July 1st, 2015, 06:33 PM   #26
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I presented information that the public comment period was open. It is now closed.

I have presented factual information from the City of Seattle's site on 6 occasions. All have been specific to the project thread so as to not be off topic.

None of my posts has been deleted (4 here and 2 on other site).

I question why you are so defensive about someone who is interested in following whether or not construction of the proposed tower will be approved.

Signed,
Seattle DPD Reports
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Old July 2nd, 2015, 02:25 AM   #27
mhays
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Usually your posts are deleted when one of your identities is deleted. This one has been allowed to continue so far for some reason.
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Old July 14th, 2015, 05:55 PM   #28
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PROPOSED POTALA TOWER STILL HAS NOT BEEN ISSUED NEEDED MUP PERMITS

As of July 13, 2015 from the DPD Website
Master Use Permit: Currently this project is being reviewed under MUP 3018762 [Minor Revision to MUP #3009145]. The Land Use Review for 3019344 [Major Revision] cannot be approved until 3018762 is completed.”

So, again, all that is permitted is shoring work, grading work and other things that prepare the site hoping that the tower and the changes needed are approved by the city.

Doesn't traditional financing require that you have the permits prior to them lending you $$?

Is this project using foreign money that doesn't require certainty that what is proposed will actually be permitted?
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Old July 14th, 2015, 06:13 PM   #29
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Haven't we discussed this already? Projects are commonly started and financed with only a shoring permit (nearly always) and even if they're doing moderate revisions to the land use permit.

That's for other readers. You're a lobbyist against this job (or a spurned lover) and aren't here to be reasonable.
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Old July 14th, 2015, 07:33 PM   #30
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Is there a fully operational crane onsite or just a crane base?
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Old July 14th, 2015, 11:31 PM   #31
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My big question is how many websites and threads you're going to ask the same question on.
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Old July 15th, 2015, 06:46 PM   #32
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So your answer is that there is a fully operational crane on site, or no?

How many times will you avoid answering the question?
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Old July 15th, 2015, 06:52 PM   #33
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Good lord they are not ready to put up the crane. Before you start going around making accusations why don't you wait till the whole process is done. There is nothing to indicate a problem. If the project stalls then say what you will but to continue this at this point proves nothing.
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Old July 15th, 2015, 08:40 PM   #34
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Quote:
Originally Posted by testdrive View Post
Good lord they are not ready to put up the crane. Before you start going around making accusations why don't you wait till the whole process is done. There is nothing to indicate a problem.
See attached note to investors by the CFO of the developer
"The tower crane... installed and in full operation"

http://www.pathamerica.com.cn/index....ny/id/181.html

Some in these threads have indicated that false information is being supplied and some have disagreed.

So is the comment from the CFO to investors correct or misleading?
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Old August 30th, 2015, 05:09 AM   #35
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8/15


Potala Tower 2015-08-15 by LB Bryce, on Flickr


Potala Tower 2015-08-15 by LB Bryce, on Flickr
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Old January 24th, 2016, 08:29 AM   #36
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On Hold

Quote:
Originally Posted by cadre View Post
Update from the Seattle Times' Sanjay Bhatt:

The court-appointed receiver now running Path America, which bankrolled real-estate projects through Chinese immigrant investors, says three of its four uncompleted developments should be put up for sale as soon as possible, including the 40-story Potala Tower in downtown Seattle.

In a recovery plan filed late Wednesday in federal court, receiver Michael Grassmueck said he will soon ask court permission to market and sell the Potala Tower project, which is now a 60-foot-deep pit at 2116 Fourth Ave.

The receiver said he is “keeping in mind the potential adverse impact” on Chinese nationals who each invested $500,000 in Path America’s projects to obtain permanent-residency visas. According to the Securities and Exchange Commission, there are 250 such investors.

The receiver’s report says $45 million was also invested in several Path projects by a Chinese company, Binjiang Tower Corp.

Construction on the tower began last year but was halted abruptly in August, days after federal regulators filed a civil fraud lawsuit alleging Path America’s CEO, Lobsang Dargey, siphoned off millions of dollars of investors’ funds for his personal use.


Dargey, 42, has denied wrongdoing, as has Path America. Before the SEC accused him of fraud, the Tibetan immigrant had a rapidly growing real-estate firm.

Dargey lost control of his real-estate projects last October, when the federal court placed them in a receivership and appointed Grassmueck to run Path America.

The tower was touted as offering 342 apartments and a 142-room Hotel Indigo, a boutique brand from InterContinental Hotels Group.

The Everett Farmer’s Market, a mixed-use project that’s 90 percent built, should be completed and leased up in the next nine months, Grassmueck told the court. Then it too should be sold, he said.

About 80 Chinese nationals invested nearly $40 million in the Farmer’s Market. Many have filed petitions with the U.S. Citizenship and Immigration Services (USCIS) to obtain permanent-residency visas through the EB-5 program.

But the federal immigration agency has notified the receiver it plans to terminate Path America from the EB-5 program for both the Potala Tower and Farmer’s Market projects, Grassmueck wrote.

“While there is no way to know what USCIS will do, it is possible that there is an EB-5 benefit by completing the project as originally contemplated,” Grassmueck wrote.

Path America also had bought land in Shoreline and Kirkland and was deep in the planning process to obtain building permits for developments.

In a separate filing, Grassmueck said he has recovered $47 million in cash from different Path America bank accounts. But the funds in specific projects’ accounts were insufficient to cover their post-receivership expenses, he said. He expects to spend $2.28 million through Aug. 31 to cover the receivership’s expenses.

Grassmueck said he had to make $500,000 in payments to Potala Tower contractors to preserve the project’s value and minimize the chance of liens being recorded against it.

In his recovery plan, Grassmueck said he’ll pursue claims against Dargey and his other companies if money the former CEO transferred out wasn’t returned to the receivership voluntarily.

Of the $64 million in EB-5 funds received for the Potala Tower, over $30 million was paid to other Dargey companies, Grassmueck told the court in November. And of the $39 million in EB-5 funds raised for the Farmer’s Market, more than $15 million was transferred to other firms Dargey controls, he said.
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