Foreclosure-sale date set for ‘The Hole,’ aka Fauntleroy Place

| Development | West Seattle news

Six weeks from today, we should find out if anyone’s coming forward to buy The Hole, the West Seattle development site (map) that stalled after excavation more than two years ago, caught in legal skirmishes that are only now starting to play out. As part of said skirmishes, the first trial ended in November with a decision (which has been appealed) that the company that dug The Hole, Aero, has lien priority; King County Superior Court Judge Susan Craighead formally ordered the foreclosure sale two weeks ago, and the official notice was published Thursday in the Daily Journal of Commerce. According to that notice, the sale is set for 10 am Friday, February 25, at the King County Administration Building downtown. The notice also says: “The judgment debtor can avoid the sale by paying the judgment amount of $23,286,974.16 together with interest, costs, and fees before the sale date.” The “judgment debtor” is Fauntleroy Place, LLC, which is still linked to Seattle Capital; the site’s note is held by 3922 SW Alaska LLC, a concern linked to Madison Development, which had sought foreclosure in 2009 without having to pay the construction-company liens (totaling $4 million) that Judge Craighead has since ruled are at the head of the line.

Kristin January 14, 2011 (2:39 pm)

Wasnt that supposed to be a wholefoods or something?

WSB January 14, 2011 (2:45 pm)

They formally cut all remaining ties last year. Originally it was going to be a Whole Foods and a new Hancock Fabrics, underneath a lot of apartments. – TR

B-squared January 14, 2011 (2:45 pm)

I keep waiting for some local to sneak a cheap “for sale” sign on the fence. maybe the same individual who removed the “w” originally;)

Mookie January 14, 2011 (3:40 pm)

I hope a flash mob performs a public art installation. Suddenly, The Hole has morphed into one of those colorful ball pits like the ones kids play in, or daylight reveals it to be brimming with with biodegradable sponges cut into the shape of starfish. Hurl party streamers into it from all along the edge, like a bon voyage celebration. You know. SOMETHING.

Delridge Denizen January 14, 2011 (6:25 pm)

I’ve been hoping to see a large black monolith appear in the hole, but I guess we aren’t ready yet.

cj January 14, 2011 (10:15 pm)

My fantasy was a gigantic multi-layered parking lot followed by a number of streets in business areas being closed off to traffic permanently. LOL

Angela January 15, 2011 (2:52 pm)

We really need a walmart in the area. The down fall to this would be having a walmart in the area. LOL But if it were a mulit level super walmart maybe that would make it better. My only fear is it turns out to be as bad as the one in Renton.. I stay far away from that store.

Ian January 15, 2011 (10:00 pm)

Anyone want to throw in $5 with me and bid on it?

Foreclosure on a hole… What’s the world coming too?

SEOmom January 16, 2011 (1:16 pm)

I’m in, Ian. Come get your $5 at my place. The winner’s toast is on me.

Steph January 16, 2011 (2:30 pm)

I grew up in West Seattle- back when Home Depot was a ghetto Kmart and driving through High Point was a little scary. I came back after college because of the close community with great local stores and restaurants. Walmart is the last thing we need. I would puke. I’d rather have “the hole”.

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