homeWelcome, sign in or click here to subscribe.login
     


 

 

Real Estate


print  email to a friend  reprints add to mydjc  

May 18, 2016

Dargey project may go to 2 firms

By JOURNAL STAFF

SEATTLE — A Las Vegas developer and a Chinese firm may take over a 41-story hotel and housing project at 2116 Fourth Ave. in Belltown that has been stalled.

U.S. District Court Judge James L. Robart will hear a proposal Thursday from a receiver in charge of Lobsang Dargey's project called Potala Tower, requesting to transfer ownership to Molasky Group of Companies and Binjiang Tower Corp., an original investor in the project.

Molasky and Binjang would put $30 million into the project, according to court documents.

As part of the deal, the developers would reimburse Dargey for $1.8 million in legal fees.

The project was one of several Dargey was developing in the region that was put in control of receiver Michael A. Grassmueck following accusations by the Securities and Exchange Commission that Dargey was misusing federal EB-5 funds.

Court documents show several competing developers have objected to the proposal, arguing they submitted superior offers.




Email or user name:
Password:
 
Forgot password? Click here.