(WSB photo of ‘The Hole,’ May 2011)
By Tracy Record
West Seattle Blog editor
We’re at the King County Administration Building downtown, where the stalled development site formerly known as Fauntleroy Place, better known in West Seattle as “The Hole,” has just been auctioned off, three years after development stalled and collapsed into a court fight.
After the case was settled back in June, the resulting foreclosure sale was scheduled for today, and happened without much fanfare, shortly after 10 this morning, as part of the regularly scheduled foreclosure auctions.
Pending completion of paperwork, payment, etc., 3922 SW Alaska LLC is the winning (and only) bidder, announced by King County Sheriff’s Office fill-in auctioneer Dave Easterly, at $32.3 million. See and hear for yourself:
3922 SW Alaska LLC has been the on-the-record noteholder; it’s an entity linked to Madison Development. Its bid was submitted in writing.
Now what? We had checked with a spokesperson for 3922 earlier this week, and the response we got back yesterday was: “We are confident and hopeful that the next steps determining the future of this site will take place soon, but it would be premature to discuss any details at this time.” We are of course checking again; it should be noted that Madison has a page on its website for Fauntleroy Place, listed as 64,000 square feet of retail, 180,000 square feet of apartments. They also have a project under way in West Seattle right now – Element 42, the apartments on the southeast side of the Admiral Safeway site.
Under previous developers, the project was scheduled to have a Whole Foods Market as well as a Hancock Fabrics store (the latter, to replace one torn down on the site), but Whole Foods formally pulled out of the project in July 2010, since terms of its lease – to have a store ready to go by a certain date – were not fulfilled.
More to come! (Footnote: No official comment from Madison by day’s end. Hopefully next week.)