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Federal Way land is auctioned for nearly $1.9 million

Federal Way land is auctioned for nearly $1.9 million

(BOISE) – An unnamed bidder placed a winning bid of $1,893,750 June 21 on 7.93 acres of undeveloped land on Federal Way in front of the Overland Post Office. The winning bidder outlasted CBH Homes President and owner Core Barton, who threw in the towel at $1.85 million. Barton and the winning bidder dueled one-to-one after a third bidder dropped out at $1.4 million, except for a single $1.65 million bid from Boise developer, Dean Papé.
“I’m not that in love with it,” Barton said after the auction. “It just got too high.” Several high-profile attendees could not identify the winning bidder, who declined to give his name to the Idaho Business Review. He retreated to grab a cookie when bidding reached $1.625 million and took off his glasses to consider raising from $1.7 million, while Barton conferred at length with his team when bidding returned to him.
These 7.93 acres in front of the Overland Post Office on Federal Way sold at auction for nearly $1.9 million. Photo by Teya Vitu
Photo courtesy of Idaho Business Review reporter Teya Vitu – These 7.93 acres in front of the Overland Post Office on Federal Way sold at auction June 21 for nearly $1.9 million.

The property is assessed at $989,600 by the Ada County Assessor and bidding started at $200,000. Corbett Bottles Real Estate Auctions staged a No Reserve Auction with No Minimum Bid for a parcel that included the land and complete architectural plans for a 196-unit complex marketed as Skyline Apartments. The plans by TAO Architects were approved by the city in 2015 and a building permit was issued, but construction never started and the permit expired. No explanation was given as to why the apartments were not built nor why no minimum bid was required. Corbett Bottles guaranteed that if resubmitted, the plans would get a new conditional use permit or the winning bidder could back out. Neither the winning bidder nor Barton bid on the land specifically to build the Skyline Apartments. “I don’t know. We’ll see,” the winning bidder said about the Skyline Apartments. “Maybe I’ll do a mobile home park. We’ll see.”

About 60 people showed up for the auction at the Waters Edge Event Center in Eagle, but no more than five put in bids. The Assessor’s Office lists the property owner as Citadel Storage. The property sits between Federal Way and the post office at 2120 S. Hudson Ave. and wraps around one side of the post office.

By: Teya Vitu – Idaho Business Review reporter – June 22, 2017

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