homeWelcome, sign in or click here to subscribe.login



Real Estate

print  email to a friend  reprints add to mydjc  

October 29, 2015

Triad says Civic Square lawsuit has been settled

Triad Capital Partners said a lawsuit over permits for the Civic Square project has been settled.

Displaced Tenants for Transparency and Accountability, a group of low-income tenants supported by the Tenants Union of Washington State, alleged that a master use permit for the 43-story Civic Square project was renewed illegally.

Members of the tenants group used to live in two buildings that were purchased and redeveloped by Goodman Real Estate. John Goodman, co-founder of Triad, is chairman of Goodman Real Estate.

The Tenants Union wanted to see affordable housing as part of Civic Square.

Triad will immediately pay tenants $200,000 and put another $500,000 into a fund that will be distributed to nonprofits that are building affordable housing.

Triad said in a press release that once Civic Square “moves forward” it will pay another $5 million to the fund.

Fred Grimm, president of Triad, said in the release that Civic Square would contribute approximately $15 million to affordable housing.

Grimm said the courts ruled in favor of Triad and the city of Seattle multiple times, but the tenants could have extended legal proceedings to at least March 2017 through appeals.

Triad has said it wants to start construction on the 43-story project by the middle of next year. But Seattle Mayor Ed Murray said earlier this month the city plans to shelve an agreement with Triad to acquire the site.

Murray's announcement followed accusations that a former Triad employee attempted to coerce Jon Grant, a city council candidate and former executive director of the Tenants Union, into helping settle the lawsuit.

Email or user name:
Forgot password? Click here.