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Originally published Wednesday, May 5, 2010 at 6:19 PM

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Prime Queen Anne condo project faces foreclosure

Bank of America has moved to foreclose on most units in a new luxury condominium building across the street from Queen Anne's Kerry Park, one of Seattle's premier viewpoints.

Seattle Times business reporter

Bank of America has moved to foreclose on most units in a new luxury condominium building across the street from Queen Anne's Kerry Park, one of Seattle's premier viewpoints.

In a notice filed Tuesday with King County, the bank said it intends to sell the 18 unsold units at 200 West Highland Drive at auction Aug. 6 unless developer Lorig Associates repays a $26 million loan.

The loan came due Jan. 1, according to the notice. The other seven units in the 25-unit, five-story condo have been sold, according to county records.

200 West Highland's website say units are for sale for between $895,000 and $2.25 million, and prices for the top-end, south-facing view units have been cut 40 to 50 percent.

A call to Lorig partner Bruce Lorig late Wednesday was not returned.

Lorig Associates has been a prominent developer in Seattle for more than 30 years. Its previous projects include Uwajimaya Village in the International District, Wallingford Center in Wallingford and Marketplace North near the Pike Place Market.

Lorig also is a partner in Thornton Place, a big new residential, retail and cinema project near Northgate Mall.

Eric Pryne: 206-464-2231 or epryne@seattletimes.com

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