Now, just blocks away, a 39-unit ultra-luxury condo project has been stopped dead in its tracks, again by a web of financial and legal entanglements. And, again, the plug has been pulled on construction efforts, and reports in the press are talking foreclosure -- even bankruptcy.
As planned by its development partnership, including local attorney Clay Terry, the Ida Terrace Condominiums was to deliver 2,500-sf and 2,600-sf units at expected sales prices from $850,000 to a cool million.
Ida Terrace made it much further into the construction process than the ill-fated Technology Tower. The basic-structures of the three-story buildings are up at NE 12th St. and Bellevue Way NE, but they are sheathed in sheets of plastic to protect the work that has been completed.
GlobeSt.com was unable to reach Terry to comment on the status of the project. News reports quote Terry as saying he will seek bankruptcy protection under the provisions of Chapter 7 to stay foreclosure on the basis of a reportedly delinquent $7.9 million loan.
Greg Laycock with the Seattle office of Cushman & Wakefield tells GlobeSt.com that Ida Terrace, like many other small high-end condominium projects in downtown Bellevue -- may not have been able to compete with Lend Lease Real Estate Investment's Lincoln Square at Bellevue Way and NE Eighth.
The $360-million mixed-use Lincoln Square will cap a 42-story tower with 148 ultra-luxury condominiums of its own. And though GlobeSt was unable to reach Lincoln Square's condo brokers, Leslie Williams or Warren Ballard of Williams Marketing to confirm the numbers, Laycock believes deals have been inked on all but eight of the units -- with the penthouse fetching $4 million.
Why buyers for Lincoln Square and not Ida Terrace? "Let me put it this way," quips Laycock, "would you rather have a condo three or four levels off the ground at Ida Terrace, or something on the 20th floor or better of a tower with views of Lake Washington -- for the same price."
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