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Pipe Dream? June 17, 2010

Posted by Sean Tufts in Articles, Development, Retail News.
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Can you picture three 35+ story hi rise towers in the middle of very low rise Federal Way?  Us either.  But the DJC says that the developer is still moving forward to closing on the land necessary to purchase enough land to build 550 condos, 150 hotel rooms & 50k sf of office/retail.  There is one thing that the city of Federal Way does not lack in the current environment and that is empty retail & office space.  We’ll be interested to see how this unfolds over the next couple of months…

Mega project moves forward  

The Federal Way City Council in on board with the latest Sky Hotel and Residence plan. Rendering courtesy of Twin Development LLC

Last month, the DJC reported the scope of a big mixed-use project in Federal Way grew by two towers, thanks to a new site that’s about twice the size of Twin Development LLC’s original Sky Hotel and Residence location.

What we didn’t have at the time was a rendering. Now we do, along with the latest on the $350 million project slated for land that the city owns.

On Tuesday, the City Council approved, in principle, the assignment of the property contract to Twin. Twin has until Sept. 30 to close on the land, according to city Economic Development Direct Patrick Doherty.

The new plan calls for two 45-story towers and one 35-story tower, according to Seattle developer Steve Smith, who formed Twin with Korean-American businessmen Luke Hwang and Pom Qwak.

The project will have 550 condos, 150 hotel rooms, and up to 50,000 square feet of office and retail.

If you haven’t been following the project and are wondering how Twin could pull off a project of this size in this economy, know that funding will come from South Koreans and perhaps other Asians. They’ll invest through the EB-5 immigrant program, which allows foreigners permanent resident status in exchange for investing in projects like Sky Hotel and Residence. The program generally requires an investment of $1 million.

Source: DJC

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