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Originally published Wednesday, May 4, 2011 at 5:24 PM

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Bellevue Towers developer plans apartment project near Seattle U.

Portland-based developer Gerding Edlen has bought a half-acre property on Broadway near Seattle University, and says it plans to start construction...

By Seattle Times business staff

quotes After demonstrating the inability to pay creditors and losing the Bellevue Towers... Read more
quotes simple math really...if I have $5 million, and outstanding debt of $150 million (for... Read more
quotes Thanks for the education, disturbing as it is. Read more

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Portland-based developer Gerding Edlen has bought a half-acre property on Broadway near Seattle University, and says it plans to start construction in August on a six-story, 118-unit apartment building.

Gerding Edlen paid $5.6 million for the site at Broadway and East Jefferson Street, according to public records.

The seller, Valencia Capital Management of Dallas, which paid $3.14 million for the property in 2007, persuaded city officials last month to change the property's zoning and approve the apartment project.

Gerding Edlen's last development in the Seattle area was Bellevue Towers, a 43-story, two-tower condo project in downtown Bellevue that was completed in early 2009 after the housing bubble burst. The project was plagued by slow sales, and was turned over to lenders in December to avoid foreclosure.

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