The Seattle Times reports that Heron/Pagoda Towers developer Multi Capital Group has lost part of the property through foreclosure.

A developer who had proposed a $900-million, twin-tower development across Fifth Avenue from the Westin Hotel in downtown Seattle has lost part of the property to foreclosure.

New York lender G4 Capital Partners took title to about half the site of the proposed Heron and Pagoda towers this week, according to county records. G4 had loaned an affiliate of New York developer Multi Capital Group $13.7 million to buy the property, but the affiliate defaulted.

Ashworth Cottages

A Pryde+Johnson development in the Green Lake neighborhood had sold only 2 of its 20 homes in the two years before the bank took over the development a few months ago. Since returning to market three weeks ago with steep discounts they’re now down to their last four units.

Even though they’re nearly closed out, Ashworth Cottage’s latest sales team is hosting its official Grand Opening on Saturday, November 14th with lattes from 11-1pm and hotdogs from 2-4pm. www.liveashworth.com

European Tower

GIS International is bucking the trend and moving forward with pre-sales at its one-home per floor European Tower development. They’ve reduced prices significantly and re-launched their website. www.europeantower.com

Marselle Condominium

Marselle reports that they’ve sold 20 units last month and 13 owners have already moved into their new digs. Half of the homes are priced under $300,000. www.marsellecondos.com

Besides market and economic factors, the Seattle Times suggest that DPD’s approval of the Kinnects apartment tower on the adjacent lot also affected Stewart + Minor as a viable project. The property’s owner, GIS International, previously shelved its European Tower project in Bellevue.

The same article mentioned that Stewart and Minor, a lofts and hotel project, might get a makeover. The developer, GIS International, has indicated they are exploring other options for the parcel – apartments, an office building or an all condo project. GIS recently put its European Tower development on hold.

Coincidentally, AVA’s marketing team just sent out an update. Here’s what they have to say:

…As we prepare to submit for the final building permits from the City of Seattle, we continue to work closely with our contractor to secure the best possible construction pricing for our future owners. We anticipate receiving final project costing and entitlements by the second quarter of 2009, and will be in position at that time to finalize the construction schedule and occupancy date.

Later this summer, private preview appointments will be available for all Realtors and their interested homebuyers to tour the sales center. You will be among the first to preview the contemporary and sophisticated design palettes which have been custom created for AVA as well as explore home décor options.

GIS is also the developer of the Stewart & Minor hotel and loft project in Denny Triangle. There hasn’t been any movement or information on that project since last Autumn. Given the news regarding European Tower, it’s likely Stewart and Minor went into deep freeze along with number of other downtown condo projects.

Source: DJC

Developed by Russian-based GIS International Group, the 17-story tower will be home to only 16 chic condominium homes, just one home per floor with a two-level penthouse.

With its European heritage, the developers have created a very modern and sleek residential property. Based on renderings, the home designs are open with clean lines and include stylish imported finishes and European fittings.

Each two-bedroom home features a separate den area, 360-degree panoramic views, two decks, two elevators and two spaces in the underground mechanical garage. Residents drive into the secured car port area and the automated garage whisks the vehicle away and stores it in a space underneath the building.

Residents will also enjoy memberships at three exclusive Bellevue clubs – The Harbor Club, Pro Sports Club and the Bellevue Club.

The property is located just blocks from Bellevue Square, Lincoln Square and the upcoming retail development at Bravern which will include a Neiman-Marcus store.

Homes are priced from around $2 million and higher. Please contact us if you’d like to learn more about this project.

Open Living & Dining area

View from master suite