Triad Development is getting even more time to try to transfer its rights to another company. The announcement comes more than four months after Seattle Mayor Ed Murray vowed to end the city’s relationship with Triad.
Mayor Ed Murray is giving the developer of Seattle’s troubled Civic Square project yet another reprieve, he said Tuesday.
Triad Development’s contract to build a high-rise and a public plaza on property across the street from City Hall was to expire Dec. 31, but Murray gave the developer 60 more days to try to transfer its rights to another company.
The 60 days are up, but the mayor is giving Triad until March 11, he announced, saying local developer Touchstone is now part of the conversation.
“While we do not have a final transfer agreement in place today, promising discussions with Touchstone last week give us reason to allow further dialogue to determine a path forward,” Murray said in a statement.
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“We are in the midst of one of the largest building booms in Seattle’s history, and I am hopeful that we will find the right partner to transform what is currently a hole in the heart of our city into an important public asset.”
The city-owned property between Cherry and James streets and Third and Fourth avenues has been a hole in the ground since Seattle’s old public-safety complex was razed in 2005.
Since 2007, when officials chose Triad to develop the block, the plan has been for the city to transfer most of the property to Triad in exchange for the company building a $25 million Civic Square plaza on part of the site, alongside a high-rise residential and office tower.
But Triad struggled to line up financing during the economic downturn and hasn’t been able to get to work on the project, despite two yearlong contract extensions.
Murray in October vowed to end the city’s relationship with Triad once and for all after a City Council candidate accused the developer of trying to strong-arm him into helping settle a lawsuit against the company.
Touchstone’s current projects include Hill7 and Tilt49 in Denny Triangle. The former is an 11-story office building with a 14-story hotel; the latter is an 11-story office building with a 37-story apartment tower.
The company, which has operated as a subsidiary of Urban Renaissance Group since 2014, also is developing Troy Block, a two-building office complex in South Lake Union where the Troy Laundry Building once stood. Amazon will occupy it.
Touchstone founder Douglas Howe gave $700, the maximum amount, to Murray’s 2013 mayoral campaign. Touchstone in 2015 gave $2,500 to the campaign for Murray’s Move Seattle transportation levy.