Could Potala Tower Be Seattle’s Next Condo Project?
If you haven’t seen the headlines over the last 12 months, Path America, an Everett based company using foreign investment money through the EB-5 immigrant program is under investigation for misappropriated funds. Their CEO Lobsang Dargey is the focal point of the investigation. Charges allege he may have miss-handled investor funds to the tune of nearly $46 million.
One of the four projects that were under development was Potala Tower . A 40 story tower, featuring 365 rental units and nearly 3,000sf of ground floor retail. The site, located on 4th Ave, sits on the boarder of Belltown/Denny Triangle between Lenora and Blanchard Street.
The receiver of the project (responsible for the sale), may look to prospective condo developers to purchase the site. Time will tell as the investigation continues. At this point, we believe the receiver will make a swift effort to sell the land – which now has an 60 foot deep hole.
Here is a look at the site: