While reporting a few notes yesterday about Fauntleroy Place (future Whole Foods/Hancock Fabrics/residential site at Fauntleroy/Alaska/39th), we mentioned we still hadn’t heard back from primary site owners Seattle Capital regarding the status of the pending sale they disclosed two months ago. Once it’s sold, Seattle Capital had said back in January, that would pave the way for construction to resume. So we put in another request for comment today – and just heard back from Seattle Capital’s John Huddleston:
Yes, there is still a sale pending. (currently in the due diligence phase of the Purchase and Sale agreement.) Closing of the sale is anticipated to occur sometime prior to the end of June, 2009.
Construction would most likely begin very shortly after closing. The site itself is currently being actively maintained by the original contractor, Ledcor Construction Inc.
The permit for the Phase II construction has been issued. This covers the underground parking as well as the Commercial floor space above it. The Phase III permit for the residential towers above the commercial space has been applied for and is currently being processed.
Active work on the site stopped last fall; developers BlueStar had repeatedly said the project was simply “between phases” — then, last month, the allegations in two lawsuits (reported here and here) gave the situation a new dimension.
WEDNESDAY UPDATE: An article in today’s Daily Journal of Commerce (only available to subscribers) has some new information about the prospective buyers. We have a message out seeking an opportunity for comment; the article reiterates what Seattle Capital told us – construction is likely to resume midsummer (or later).