Park Pointe parcel heads to auction block
August 25, 2009
Housing developer defaults on loan
A parcel of land on the lower west slopes of Tiger Mountain known as Park Pointe development will be auctioned Nov. 6, county documents state.Park Pointe developers proposed building hundreds of homes on 67 acres near Issaquah High School. But development has been slowed for years by changes to the project design, as well as protests about the impact Park Pointe would have on traffic and the environment.
Since the project was proposed in the mid-1990s, opponents have said Park Pointe could damage the environment, lead to more vehicles on city roads and spoil views of Tiger Mountain.
Two or three years ago, Cascade Land Conservancy tried to purchase the property, but “the price was unreasonable,” said Floyd Rogers, a board member. He said the group’s board had not yet discussed the news of Park Pointe’s auction.
Last year, city officials attempted to negotiate a three-way land trade that involved a transfer of development rights from Park Pointe to Port Blakely Communities, the developer of the Issaquah Highlands. The deal failed to materialize.
Wellington Park Pointe LLC — developer of the planned Park Pointe community — failed to make payments on a loan from Regal Financial Bank and defaulted on nearly $11.6 million in June. Wellington executives had 30 days to respond to the notice from the lender.
Officials will auction the Park Pointe parcel at 10 a.m. Nov. 6, at the King County Administration Building, 500 Fourth Ave., Seattle.
Wellington executives could not be reached for comment.