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May 9, 2017

Potala Tower gets a new name

By JOURNAL STAFF

SEATTLE — The Molasky Group of Companies said that the former Potala Tower, now under construction at 2116 Fourth Ave., will be known as Arrive, with an accent mark on the “e.”

Las Vegas-based Molasky and Binjiang Tower Corp. acquired the 41-story project last year through an agreement in U.S. District Court, after original developer Lobsang Dargey was charged with securities fraud and other offenses.

Construction was briefly suspended last year before the agreement with the court-appointed receiver and the Molasky-Binjiang partnership.

In February, San Francisco-based commercial mortgage lender Newmark raised $325 million to restart work on 2116 Fourth. The deal included $225 million from Molasky Group and Binjiang, plus a $100 million construction-to-permanent loan.

Arrive will have 339 residential units, 142 hotel rooms and underground parking for 178 vehicles.

VERVE projects of Vancouver, B.C., created the new name and will market the apartments. A hotel brand and operator have not been named.

PCL Construction is building Arrive, and Weber Thompson is the architect. The project is expected to finish in the first quarter of 2019, according to privately-held Molasky.




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