From the Archives: 2005 Condo Loan Approvals

Because there has been some call for more details from 2005, here are a couple of stories about the county and city approval of the Harborside loan contract. They were both approved the same week, the county on Monday and the city on Wednesday. I found the Bremerton story in the archives you can access. For whatever reason the county story isn’t on there, so I grabbed it out of the archives we can get to.

Kitsap County

Feb. 14, 2005:

Construction might begin in May on 78 upscale residential condominiums on the downtown Bremerton waterfront. The project got a boost Monday from the Kitsap County commissioners.

The commissioners voted 3-0 to back up $22 million of $42 million in loans the Kitsap County Consolidated Housing Authority will seek to finance the units, known as the Harborside Condominiums.

The condos will be housed in two six-story buildings to go up in the existing parking areas between Second and Fourth streets north of the Kitsap Conference Center.

About half already have been reserved by buyers, including three of the four $1.2 million penthouses, said Housing Authority head Norm McLoughlin.

The units will range downward from that figure to a low of $308,000, he said. All will have views of the water. The authority is developing them as the city of Bremerton’s Community Renewal Agency, said spokeswoman Sarah Lee, and are the third leg of its “$500 million public/private effort to bring new jobs and businesses, tourists and residents downtown,” she said. The first two were the Kitsap Conference Center and the Norm Dicks Government Center.

McLoughlin said the conference center brings visitors, the government center brings employees and now the condos will bring residents downtown, and make it “a 24-hour city.”

The county’s Monday action shows the commissioners have determined “that it will be in the best interests of the county to participate with the authority in financing of the project,”he said.

The county agrees to make loans as and when necessary to support debt service payments on authority bonds in the amount of approximately $22 million.”

The county is not actually providing the financing for the project. Bremerton City Council is expected to vote Wednesday on another $2 million in contingency loan funds for the project.

McLoughlin said the 78 units are just the first phase of the ultimate plan. They are to be followed by 122 additional units in two larger buildings on the same site, he said. The total project cost is $120 million.

“We’re looking forward to getting this back on the tax rolls,” McLoughlin said in thanking the commissioners for their action. Private buyers will pay property taxes on the completed project.

Lee said Portland-based Sienna Architects designed the condos “on the scale of premium high-rise condos in Vancouver, B.C., and Seattle, with wide spans and floor-to-ceiling windows.”

Bremerton

On Feb. 16, 2005, the “Bremerton City Council unanimously approved a $2 million loan contingency agreement to help fund the Harborside Condominiums waterfront development should its financing fall through.”

Read that story here.

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