Plans for downtown Bellevue’s Washington Square superblock shifted this week following an announcement by commercial real estate developer Touchstone Corporation.
The company reported that it was “out of contract” on the southern part of the block, according to an article in the Seattle Daily Journal of Commerce. Touchstone Corporation had a purchase-and-sale agreement with Wasatch Development Associates, which owns the superblock.
The Washington Square superblock — bordered by Northeast 8th and 10th streets and 106th and 108th avenues northeast — was intended to be a 15-story complex with 250 hotel rooms, about 320,000 square feet of office space, and 20,000 square feet of retail space, according to Touchstone’s website.
Now Wasatch Development Associates is working with design firm NBBJ to develop a project with office, hospitality, and retail space on the 10.5-acre block. The northeast corner of the block could also include housing.
So are you saying Wasatch is now going to develop it themselves?
If so, hopefully this will mean that they put a bigger building in that location since it’s closer to the city core, as such, would help with the ‘wedding cake’ vision.
I always thought Wasatch and Washington Square’s logos were so similar they were actually the same company
What kind of story is this? It’s completely devoid of any useful information. What exactly does “out of contract mean”?
@T. Note: the following is a general explanation, not specific to this contract, of which I know nothing.
Some contracts contain clauses that one party (or both) needs to do something by a certain date, and if that certain something doesn’t get done, the other party gets to break out of the contract. This could be what “out of contract” refers to in this case (once again, I know nothing about this specific case).
I wouldn’t say that the article is devoid of useful information… Maybe it’s just not that useful to you. I’ll admit it’s not that useful to me either, but it DOES contain information, and I can’t pretend I’m the be-all and end-all when it comes to judging information that does not really pertain to my interests. 🙂
out of contract means “out of contract”…. DAH!!!!!
curious… what do you mean by “wedding cake” vision? haven’t heard that saying before?
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