Construction of Potala Tower at 2116 Fourth Avenue in Belltown will break ground next Thursday, August 28 and is officially set to open at the beginning of 2017. Path America and Everett-based Dargey Development is behind the construction of this 577K sq. ft., 41-story tower.
The building will include 342 apartments and a 142-room Hotel Indigo, part of the InterContinental Hotels Group. Other amenities include a rooftop deck, wine bar, and restaurant. The project is estimated to cost $190M.
The tower, like many new large developments in Seattle, is financed through the national EB-5 visa program which creates a path for investors to obtain green cards and American citizenship if they invest a minimum of $500K in certain real estate projects.
The tower is named after the Potala Palace in Tibet - the former home of the Dalai Lama. The president of Dargey Development and Path America, Lobsang Dargey, is Tibetan and practiced as a monk when he was younger. Accordingly, at the groundbreaking ceremony next week, all members involved in the construction of the tower - from city officials to investors - will sign red tiles and a dance by the International Lion Dance Team will be performed in order to "bring good luck to the property."
The building is designed by Weber Thompson with involvement from Turner Construction Co., Cary Kopczynski & Co and KPFF Consulting Engineers.
Written by Alyssa Campbell
· "Construction Beginning Soon on 41-Story Potala Tower" [Curbed]
· "Groundbreaking soon for 4th Avenue tower" [Seattle DJC]
· "Boutique hotel, 342-unit tower beings construction in Belltown" [Puget Sound Business Journal]