What is Going on With Elev8?
A week and a half ago the PSBJ reported that Elev8 was waiting for financing:
Plus Investment still is awaiting financing, but “all signs are positive,” Josh Nasvik, project director at Polaris Pacific, said recently. Polaris Pacific will market the approximately 350 condos for sale.
But then yesterday the Registry reports, San Francisco-based Stanford Hotels Acquires Three-Parcel Property in Downtown Bellevue for $128MM:
The San Francisco-based hotel developer Stanford Hotels Group acquired on March 19th three parcels in downtown Bellevue for a combined $128 million, according to public records filed with King County. The three-parcel property currently includes a parking lot, a two-story office building and the First Congressional Church.
The seller of the three parcels was Plus Investment USA, Inc., an entity affiliated with Plus Capital Partners, a Seattle-based real estate investment company. The transaction for the three properties was recorded on March 21st.
Sounds like Plus Investment sold the project instead of getting financing to build it? Will Stanford still build a tower of condos on the site? Anyone know?
