City Council to review financial update for deal with developer of apartment complex near Shoreline Place

Saturday, June 23, 2018

Original design for Potala Place
now under new ownership


At the Shoreline City Council meeting on Monday, June 25, 2017, 7pm Council Chamber, City Hall 17500 Midvale Ave N, the council will review the financial update for property transactions with the new owner of the apartment block to be built between Shoreline Place and Aurora, originally called Potala Place.

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.

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 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.



2 comments:

Dan June 24, 2018 at 1:01 AM  

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.

Anonymous,  June 26, 2018 at 2:57 PM  

Another ugly apartment building. Really, can our Planning Commission not create guidelines that would allow a little diversity in the footprints/style/whatever??

S

Post a Comment

We encourage the thoughtful sharing of information and ideas. We expect comments to be civil and respectful, with no personal attacks or offensive language. We reserve the right to delete any comment.

  © Blogger template The Professional Template II by Ourblogtemplates.com 2009

Back to TOP