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Stalled 41-Story Belltown Tower Moving Forward Under New Joint Venture

Binjiang Group, Molansky to Restart Construction Immediately After Taking Over Project from Former EB-5 Investors
October 10, 2016
A partnership between China-based Binjiang Tower Corp. and an affiliate of Las Vegas real estate developer The Molasky Group has taken over development of a 41-story mixed-use tower in downtown Seattle.

The joint venture between Binjiang, a wholly owned subsidiary of Hangzhou, China-based Binjiang Real Estate Group Co Ltd.; and Molasky affiliate PH Seattle Tower I LLC will rebrand and rename the development formerly known as Potala Tower. The partnership has taken over full ownership and control of the project from former developer Lobsang Dargey.

The U.S. Securities and Exchange Commission froze the assets of the Bellevue, WA, man in August 2015 on suspicion of allegedly defrauding Chinese investors seeking U.S. residency through the EB-5 immigrant visa program.

The project at 2116 4th Avenue near the landmark Seattle Cinerama and a couple blocks from Amazon’s planned 3 million-square-foot headquarters will include 339 apartment units and 142 hotel rooms representing a combined net rentable area of 328,354 square feet, in addition to 1,824 square feet of ground-floor retail space and 177 underground parking spaces.

Construction, currently little more than a hole in the ground, is scheduled to resume before the end of the year. Denver-based PCL will serve as the general contractor and the architect is Seattle-based Weber Thompson.

"We are excited to immediately restart construction on the project and be in a position to deliver the job creation and economic impact so important to the city and the EB-5 investors," Bradley Sher, chief financial officer for The Molasky Group, said in a statement.

Binjiang Group, listed on the Shenzhen Stock Exchange, has grown into one of the leading real estate developers in the Yangzte River Delta since its establishment in 1992. Privately owned Molasky Group, founded in 1951, has developed and financed office, residential, health care and federal real estate developments across the U.S., including the development of more than 10,000 multifamily units with its affiliate Ovation Development.
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