The other shoe finally dropped over the Summit Place today, Feb. 18, when YarrowBay pulled out of the $51 million purchase and sale agreement.
The 156-acre Summit Place site, also known as the Donut Hole, located at 22801 S.E. 272nd St. is owned by King County, but surrounded by the city of Maple Valley. The King County Road Services maintenance facility and the east nine holes of the Elk Run Golf Course are located on the site
King County and YarrowBay have been negotiating a purchase and sale agreement for more than three years for the property.
The Kirkland developer was planning to build a master planned development with more than 1,600 residences along with retail and commercial.
The county and YarrowBay signed an agreement for $51 million and the developer was to pay closing cost on the property to seal the deal Feb. 20.
Brian Ross, managing partner of YarrowBay, sent a letter to King County Real Estate Services dated Feb. 17 terminating the agreement.
Sung Yang, director of external affairs and government relations for King County Executive Dow Constantine’s office, said the most significant issue for the county is “we no longer have a buyer for the property and we are going to have to evaluate how to proceed.”
The county has plans to build a new maintenance facility on a 617-acre property owned by the county in Ravensdale. The site is east of 292nd Ave. S.E. and north of S.E. Kent-Kangley Road.
Maple Valley City Manager David Johnston said, “I don’t think this is unexpected.” Johnston noted the value of the property has changed since negotiations began.
Johnston said the city is willing to work with the county to find another buyer for the property.
