More than $10M bought, $7M sold for ‘tough times’

By MICHAEL COOKBYN/STAFF Writer – SEATTLE (AP) An estimated $10 million has been spent to buy, refurbish and redevelop Seattle’s most historic buildings for a new, $20 million-plus city-wide rental property.

The building purchase includes three new condominium towers in the city’s South Lake Union neighborhood.

It also includes a $2.5 million office tower and a $6.7 million retail building.

It’s one of three major downtown skyscrapers slated for a redevelopment in the coming years.

The city and developer have committed more than $200 million in financing for the project.

The city is expected to use a portion of the money for rental property sales to help pay for the new development.

The total value of the development will be around $20.5 billion.

The first phase is slated to open in 2019.

The second phase is planned to open by 2020.