Cascadia, Washington

From Wikipedia, the free encyclopedia

Cascadia is a proposed master-planned unincorporated community to the south of Bonney Lake in Pierce County, Washington, United States. Construction began in 2005 with an estimated timeline for completion of 20 years.^[1] Included in the plans were 6,500 homes, a commercial district, industrial park, schools, as well as parks and open space for residents to enjoy.^[2] Construction halted in 2008, prior to the construction of any homes or commercial properties. After foreclosure proceedings, as of September 2010 the property is owned by HomeStreet Bank with an intent to find another developer.^[3]

Financial crisis

In October 2009, Cascadia Project LLC, the company behind the planning of Cascadia, filed for Chapter 11 bankruptcy protection. According to HomeStreet Bank, which financed the project, over 72 million dollars of loans were non-performing. HomeStreet Bank had planned to foreclose and auction of the land of the community, which had been running behind schedule with only a school, and some road related infrastructure completed.^[4] The bankruptcy restructuring plan proposed by Cascadia Project LLC was rejected by the U.S. Bankruptcy Court, and HomeStreet Bank completed foreclosure of the land and held an auction September 24, 2010.^[5] As there were no qualified bidders, the property reverted to HomeStreet Bank ownership.^[3] Following the auction HomeStreet Bank intended to find another developer for the community.

References

↑ "Big housing-retail project planned in Pierce County". Seattle Post-Intelligencer. Retrieved 30 December 2009.
↑ "Cascadia dream finally nears reality". Puget Sound Business Journal. Retrieved 30 December 2009.
↑ 3.0 3.1 "Cascadia property reverts to bank". Tacoma News Tribune, September 25, 2010. Retrieved 18 January 2011
↑ "Money troubles cloud prospects for largest planned community in Washington state". Oregon Business News. Retrieved 30 December 2009.
↑ "Cascadia developers out of time to pay off debt, property goes to auction". Bonney Lake & Sumner Courier-Herald, September 23, 2010. Retrieved 18 January 2011

v t e Municipalities and communities of Pierce County, Washington, United States

County seat: Tacoma

Cities	Auburn‡ Bonney Lake Buckley DuPont Edgewood Fife Fircrest Gig Harbor Lakewood Milton‡ Orting Pacific‡ Puyallup Roy Ruston Sumner Tacoma University Place

Towns	Carbonado Eatonville South Prairie Steilacoom Wilkeson

CDPs	Alder Alderton Anderson Island Artondale Ashford Browns Point Canterwood Crocker Dash Point Elbe Elk Plain Fife Heights Fort Lewis Fox Island Frederickson Graham Greenwater Herron Island Home Kapowsin Ketron Island Key Center La Grande Longbranch Maplewood McChord AFB McKenna McMillin Midland North Fort Lewis North Puyallup Parkland Prairie Heights Prairie Ridge Purdy Raft Island Rosedale South Creek South Hill Spanaway Stansberry Lake Summit Summit View Vaughn Waller Wauna Wollochet

Other unincorporated communities	Burnett Cascadia Electron Firwood Lakebay McNeil Island Paradise

Indian reservation	Muckleshoot Reservation‡

Ghost towns	Fairfax Melmont

Footnotes	‡This populated place also has portions in an adjacent county or counties

Coordinates: 47°08′00″N 122°10′30″W / 47.13333°N 122.17500°W / 47.13333; -122.17500

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