The Seattle Times reported today that development in the Green Lake area has stalled significantly. Some Green Lake projects remain half-vacant, while others have defaulted on their loans. Specifically, on the Aurora side of things, the Times confirmed what Aurora neighbors have suspected for months - that building on the Tyee condo project, which stands on the almost-sacred ground of what used to be the Twin Teepees restaurant, has been tied up for months. According to the Times, the developer defaulted on its loan and didn't pay its contractors. Currently, the property being managed by a third-party receiver.
