City Council to review financial update for deal with developer of apartment complex near Shoreline Place
Saturday, June 23, 2018
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| Original design for Potala Place now under new ownership |
To help the transformation of Westminster Way N, a 7,908 square foot (sf) portion of public right-of-way (ROW) along the eastern edge of Westminster Way N was identified to be vacated by the City to the adjacent property owner.
In consideration for the vacated property, the property owner had agreed to pay $72,600 in cash, dedicate 5,548 sf of Parcel No. 1826049453 to the City, and remove the former Pizza Hut building from the same parcel.
The address of the property will be 15560 Westminster Way N, a 309 unit building.
The address of the property will be 15560 Westminster Way N, a 309 unit building.
Together, the compensation was equivalent to 100% of the Fair Market Value of the vacated ROW.
On June 1, 2015, the Council approved Ordinance No. 703 which approved this ROW vacation.
The exchange property, which was owned by a company controlled by Lobsang Dargey, currently serving four years in prison for fraud, subsequently went into federal receivership prior to execution of the Vacation Agreement, receipt of cash consideration, or the transfer of the exchange parcel.
The exchange property, which was owned by a company controlled by Lobsang Dargey, currently serving four years in prison for fraud, subsequently went into federal receivership prior to execution of the Vacation Agreement, receipt of cash consideration, or the transfer of the exchange parcel.
The property has come out of federal receivership and is currently under contract to be purchased by a different property owner that desires to conclude the vacation and exchange.
Because of the increase in land values since the last appraisal, the City received an updated appraisal and the matter is before the City Council as proposed Ordinance No. 830 to amend Ordinance No. 703 to increase the required consideration for the vacation.
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2 comments:
Is this really an appropriate place to locate multifamily housing? Westminster is a critical arterial connecting Shoreline to Holman Rd. and Ballard. Maintaining throughput on southbound Westminster Ave. in the triangle needs to be a major consideration.
Sight lines matter. This project seems to be designed with contempt for anyone who actually wants to get through the area.
Another ugly apartment building. Really, can our Planning Commission not create guidelines that would allow a little diversity in the footprints/style/whatever??
S
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