Mayor Ed Murray announced that the City (Seattle) will be exploring other options for the future of the Civic Square project.
In March, Triad Development, the firm under contract since 2007 to complete the project, requested that it be allowed to transfer its interest to Touchstone. The City allowed 60 days for Touchstone to refine details of the project and line up investors. Touchstone worked diligently to identify the right mix of office, residential and commercial space that would make the building, as designed, pencil out, but ultimately was unable to do so.
“Since the initial deal was made in 2007 and the design approved in 2008 – by a previous administration in a very different real estate market – a number of potential investors have studied the project with first Triad and now Touchstone,” said Mayor Murray. “I appreciate Touchstone’s efforts over the last two months. Unfortunately, no parties have been willing to commit capital to finance the project. As we look forward, we will need to diligently assess whether the project as designed is viable or whether adjustments are needed.”
Under the original agreement with Triad, the project included a mixed-use office and residential tower with retail space. The City would have owned and maintained a public plaza. The site of the former Public Safety Building directly west of Seattle City Hall is currently vacant.
“As the City explores its options for moving forward, we will not be publicly discussing contract issues,” said Fred Podesta, Finance and Administrative Services Director.