By Alex Girda, Associate Editor\u00a0<\/p>\n
Three years after excavation started and later stalled, a mothballed mixed-use project in West Seattle is on the brink of going forward. \u00a0An affiliate of Madison Development Group L.L.C. paid $32 million in a foreclosure auction Oct. 7 for Fauntleroy Place, a West Seattle parcel that has become known as “the Hole.”<\/p>\n
According to information on its Web site, Madison Development is planning a mixed-use project on the parcel, including 180,000 square feet of apartments and 64,000 square feet of retail. The project follows a plan by the project\u2019s original developer, BlueStar Management Inc., to build Whole Foods and Hancock Fiber stores and 185 residential units, which is located at 3922 S.W. Alaska Street.<\/p>\n
Construction was still in the early stages when BlueStar\u2019s financial woes stalled the original project. The footprint of the store was covered with a protective plastic tarp, creating an unsightly landmark that residents disapprovingly nicknamed \u201cthe Hole.\u201d The project\u2019s suspension set off a series of legal maneuvers. \u00a0Unpaid contractors started foreclosure proceedings on the property, and a court-ordered auction was originally scheduled for February. \u00a0<\/p>\n
Madison Development stepped in earlier this year, filing an appeal to halt the sale, and put up a $7.7 million security deposit to cover the liens. \u00a0When the foreclosure auction was held earlier this month, the Madison affiliate, 3922 S.W. Alaska L.L.C., was the sole bidder.<\/p>\n
<\/p>\n
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By Alex Girda, Associate Editor\u00a0
\nThree years after excavation started and later stalled, a mothballed mixed-use project in West Seattle is on the brink of going forward. \u00a0An affiliate of Madison Development Group L.L.C. paid $32 million in a foreclosure auction […]<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[],"class_list":["post-1004052282","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\n