X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BEAVERTON, OR-Construction may resume next month on Round at Beaverton Central, a half-built, bankrupt downtown development project. Southern California developer Dorn-Platz has tentative approval from the city council to take control of the project for $2.3 million.

A hotel and a theater originally planned for the project have been scrapped because of a softening in both markets. Still planned are three office buildings, a 700-slip parking garage anchored by an athletic club and two apartment buildings totaling 240 units.

The estimated $80 million project is slated for completion in 2004, but will be sped up or slowed down based on demand for the offices and apartments. The half-built development was abandoned in late 1998, a year after it began, when its original developers were unable to find follow-on financing.

The city began bankruptcy proceedings against developers Selwyn Bingham and Sylvia Cleaver in 1999. A bankruptcy judge approved the city’s buyout and reorganization last month. The $2.3 million would be used to payoff several project leinholders.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.