Chinese Developer Vies To Take Over Potala Tower Project
If a US District Court gives the go-ahead, a Chinese developer, Binjiang, and Las Vegas developer Molasky would take control of the Potala Tower project in Belltown and invest $30M to complete it.
The assumption of the development by the two would be part of the fallout after the SEC filed a civil securities fraud complaint against the original developer, Lobsang Dargey, alleging he used EB-5 funds invested in the project for other purposes.
But it isn't clear this will happen. Tomorrow, US District Court Judge James Robart will hear about the proposal, which SEC lawyers oppose, the Puget Sound Business Journal reports. Currently the site is a pit; Vulcan has also shown an interest in acquiring the site. [PSBJ]