Path America, an EB-5 Regional Center, in conjunction with Dargey Development, is excited to announce the groundbreaking of their newest $190 million property – the Potala Tower Seattle. Centrally located in Belltown at 2116 4th Avenue, the 577,000-square-foot multi-use property will consist of 342 residential apartments, a 142-room Hotel Indigo® hotel, the branded boutique concept from IHG (InterContinental Hotels Group), mezzanine, restaurant and wine bar, rooftop deck, and a parking garage with over 200 stalls.
Potala Tower Seattle, named after Potala Palace in Tibet, will hold a ceremonial groundbreaking on Thursday, August 28 from 3 to 5 p.m. The event will feature a traditional lion dance by the International Lion Dance Team and the signing of red tiles in gold lettering by the development team, investors, hotel representatives, city and state officials and other dignitaries. Both traditions will be performed to bring good luck and blessings to the property.
“I am so excited to bring such a unique development to downtown Seattle and to collaborate with a strong, global hotel company such as IHG,” said Lobsang Dargey, CEO of Path America and Dargey Development. “The Hotel Indigo brand fits seamlessly into this neighborhood and I am truly grateful for this opportunity to add to the landscape of Seattle.”
The Hotel Indigo brand is an upscale global boutique hotel brand that delivers a revitalizing and inviting guest experience that is refreshingly local and reflective of the community in which each hotel is located. There are 58 Hotel Indigo properties around the globe and each is uniquely designed to celebrate the culture, character and history of its surrounding neighborhood. While each property offers guests a distinct experience, brand hallmarks such as the new Neighborhood Guide, local and seasonal menus and spa-inspired bathrooms ensure a consistently reliable experience from location to location. As part of the Potala Tower Seattle, the new Hotel Indigo Seattle will showcase the aspects that make the Belltown neighborhood so interesting and exciting.
“Hotel Indigo guests expect a truly special experience when they stay at one of our hotels. They want to get off the beaten path and explore the neighborhood as a local would,” said Mary Winslow, director, Americas Brand Management, Hotel Indigo®, IHG. “Hotel Indigo properties, as part of the IHG portfolio of brands, offer guests something different – the strength and reliability of a global hotel company coupled with the individually stylish elements that make boutique hotels desirable to travelers.”
Potala Tower Seattle is financed through the EB-5 Visa program, which offers foreign nationals the opportunity to obtain a United States green card by investing in a commercial enterprise in the United States. In order to qualify as an EB-5 investment for individuals choosing this path the project must benefit the U.S. economy; generate or preserve a minimum of 10 full-time jobs per investor; and requires verification of a commitment of $1,000,000 ($500,000 in certain cases).
The Potala Tower Seattle project will create an estimated 2,875 full time jobs. The total economic impact to the U.S. economy with this development is projected at over $1.5 billion in increased activity.
After coming to the United States in 1997, Lobsang Dargey created Dargey Enterprises in 2002 to pursue real estate development. In 2010, he created Path America as a USCIS regional center operating company in order to combine EB-5 with real estate development. Dargey was born to a family in rural Tibet and trained in a Buddhist monastery. Dargey incorporates his Buddhist upbringing into his work by creating "green" buildings and seeking positive change to the communities they serve. He currently has multiple properties under development in Washington State.
Site mobilization will begin in September followed by demolition of the existing building and site cleanup with an expected certificate of occupancy scheduled for the first quarter of 2017.
Renderings available upon request.
About Path America:
Path America, formerly known as Dargey Enterprises, has been a successful development company in the Pacific Northwest since 2002. The company focuses development efforts on projects that are sustainable, build and enrich communities, and create jobs in the local economy. Path America is a U.S. Immigration-approved regional center that operates regional centers in the Pacific Northwest, including Snohomish, King, and Pierce counties, which strives to support non U.S. Citizens who wish to immigrate to the United States through the EB-5 immigrant investment program. The team at Path America will use the EB-5 program to help individuals and/or families who wish to live in the United States gain permanent resident status. The company offers resources to aid families as they adapt to living in a new country, including education information, immigration process status, links to community services and groups, and the best legal team for both immigration and business real estate transactions. For more information, please visit http://pathamerica.com.
About Hotel Indigo®:
The Hotel Indigo® brand is a global boutique hotel brand that delivers a refreshing and inviting guest experience that is truly reflective of the local community. From the locally-inspired murals to the renewal program where the music, scent, and menu items change throughout the year, each Hotel Indigo hotel delivers a vibrant, engaging and genuine boutique experience that gives guests the confidence to step out and explore the local neighborhood. Each Hotel Indigo property is unique and designed to reflect the local culture, character and geography of the surrounding area while brand hallmarks ensure consistent and reliable service from location to location. No two hotels are the same. There are 58 Hotel Indigo hotels open around the globe. With a quality global pipeline of 56 hotels, the Hotel Indigo estate is set to double in size to 100 properties within the next three to five years.
All Hotel Indigo properties participate in IHG’s guest loyalty program, IHG® Rewards Club. The industry’s first and largest rewards program with over 79 million members is free and guests can enroll at IHGRewardsClub.com, by downloading the IHG® app, by calling 1-888-211-9874 or by inquiring at the front desk of any of IHG’s more than 4,700 hotels worldwide. For more information about the Hotel Indigo brand or to make a reservation, visit http://www.hotelindigo.com. Find us on Twitter http://www.twitter.com/hotelindigo or Facebook www.Facebook.com/hotelindigo.