The retail development is being hammered out with MBK Northwest. Both sides have entered into a purchase and sale agreement for the property, but no details are being released as yet.
The deal won't close until MBK starts construction - which means not until they get financing, lease commitments and building permits, a Cascade Station spokesman told GlobeSt.com. March 2001 is the target date.
The hotels being negotiated are both of the Marriott brand, but would have different owners, whose names are not yet being released. One would be full-service, the other a Residence Inn. The 250-room, full-service hotel would sit on seven-to-10 acres, the 140- to 170-room Residence Inn on 2.5 acres.
Ed Dundon of Portland-based hotel brokerage Dundon & Co. told GlobeSt.com that purchase and sale agreements for both developments are currently being negotiated. Dundon is negotiating on behalf of both the hotel operators. The Residence Inn is slated for occupancy in early 2002, the full-service Marriott for late 2003.
The two office buildings are being proposed by the Cascade Station Development Co. itself. It is currently making plans to develop two 70,000-sf office buildings on six acres, and is looking for an equity partner.
All told, Cascade Station has been approved for 1.35 msf of development, including 1,200 hotel rooms, 400,000 sf of retail, a 22-screen cinema, and plenty of office space. Two light rail stations will be part of the development, as well as a series of park blocks.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
