Stanford Hotels Corp. paid $128 million to Plus Investment (USA) Inc. for a controlling stake in the four-skyscraper Elev8 project in Bellevue, Wash., the Puget Sound Business Journal reported, citing public records.
Plus, an affiliate of a Chinese company, acquired the site for $75.9 million in two separate transactions in 2014 and 2015. The company was awaiting financing before kicking off the $600 million first phase of the project earlier in 2018, with plans for two 40-story residential towers, one comprising condominiums and the other consisting of apartments.
The second phase was set to include a residential tower and a 350-foot tall office building.
However, Stanford Hotels is understood to be evaluating all options for the project in light of the city's new zoning rules that allow for up to 600-foot tall towers, the March 27 report added, citing the company. Stanford Hotels' plans for the site include space for office, residential and hospitality uses, according to the report.