Joint Venture Triggers Construction Of New Tower In Downtown Seattle
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A joint venture partnership between a China-based real estate holding company and a Las Vegas-based real estate developer will trigger construction on a new tower in downtown Seattle.
Binjiang Tower Corp., a wholly owned subsidiary of Hangzhou Binjiang Real Estate Group Co Ltd. (Binjiang Group), and PH Seattle Tower I LLC, an affiliate of The Molasky Group of Companies, last week entered into a joint venture agreement to develop the 41-story mixed-use project formerly known as Potala Tower in the Belltown submarket in downtown Seattle.
The project—which will be renamed and rebranded--was revitalized by the recommitment of previous EB5 investors and substantial new investment from the joint venture partners, who have taken complete ownership and control of the project. They bring records of national and international achievement and have a vision for the project that will make it an important part of Seattle's downtown real estate market.