LAS VEGAS, Oct. 6, 2016 /PRNewswire/ -- 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. It will consist of 339 apartment units (representing net rentable area of 272,286 SF); 142 hotel rooms (representing net rentable area of 56,068 SF); 1,824 square feet of ground floor retail space and 177 underground parking spaces. The property is located at 2116 4th Avenue at the nexus of Seattle's most vibrant neighborhoods and is adjacent to the landmark Seattle Cinerama on 4th Avenue and only two blocks from Amazon's planned three million square foot headquarters.
The general contractor will be Denver, CO-based PCL, the sixth largest contractor in the United States and the architect is Weber Thompson, Seattle's notable architectural firm.
"We are delighted to be in partnership with Molasky on this project," says Mr. Jinxing Qi, Chairman of Binjiang Group. "Our two firms have an incredible track record and we believe that combining resources and expertise will greatly contribute to success of the project."
"We are excited to immediately restart construction on the project and be in a position to deliver the job creation and economic impact so important to the city and the EB5 investors," says Bradley Sher, Chief Financial Officer for the Molasky Group. "Our partnership with Binjiang is based on a mutual goal of delivering a high value experience to our future tenants and customers, and we couldn't be happier about our joint venture with such a well-respected international company."
Construction will start 4th Quarter 2016.
Binjiang Group is a real estate development company based in Hangzhou, China and listed on the Shenzhen Stock Exchange. Since its establishment in 1992, the company has grown into one of the leading real estate developers in the Yangzte River Delta, ranked among the Top 50 companies in China's real estate sector.
The Molasky Group, started in 1951, is a privately owned real estate development company based in Las Vegas. It has extensive experience designing, building and financing commercial, office, residential, healthcare and federal real estate developments across the United States. The company, along with its affiliate Ovation Development, has developed more than 10,000 multi-family units.
SOURCE The Molasky Group