by Calculated Risk on 1/04/2011 07:57:00 PM

From Eric Pryne at the Seattle Times: Bellevue Towers developer turns project over to lenders

The developer of Bellevue Towers, the region's biggest condo project ever, has turned over the development to lenders to avoid foreclosure.

More price declines coming ...

The new owners announced price cuts to help spur sales at the 539-unit development, where just 118 sales have closed since the two towers were completed nearly two years ago.