Touchstone Development Gets 1 Year Extension to Build Downtown Everett Marriott

proposed Courtyard by Marriott

Proposed Courtyard by Marriott at Colby and Wall Street in downtown Everett

In a 4-1 vote on Wednesday, the Everett City Council granted the Touchstone Development Corporation the option to purchase four three-month extensions to get a proposed Courtyard by Marriott Hotel financed and under construction at the corner of Wall and Colby by October 31st 2014. The city of Everett and Touchstone have been working on this deal since 2008.

The price would be $25,000 each for the first two three – month extensions, and $50,000 each for the last two three – month extensions.

Construction was to begin by the end of this month or Touchstone faced forfeiting a half million dollars that had been placed into an escrow account after the company received its 10th extension. Earlier this month Jim O’Hanlon, Vice President of Touchstone, told the Everett City Council that economic issues have made it impossible for his company to meet the deadline and he asked for a one year extension on obtaining final financing and starting construction. At that time Everett Mayor Ray Stephanson said he was embarrassed by the situation but urged the Everett City Council to approve an 11th extension.

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