Tehaleh, Washington

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Tehaleh, formerly known as Cascadia, is a proposed master-planned unincorporated community to the south of Bonney Lake in Pierce County, Washington, United States. Construction began in 2005 with an estimated timeline for completion of 20 years.[1] The town was designed by Patrick Kuo, who had purchased the land in 1991.[2] Included in the original plan for Cascadia were 6,500 homes, a commercial district, industrial park, schools, as well as parks and open space for residents to enjoy.[3] Construction halted in 2008, prior to the construction of any homes or commercial properties. After foreclosure proceedings in 2010, Homestreet Bank repossessed much of Kuo's land, intending to find another developer.[4][2]

Financial crisis[edit]

In October 2009, Cascadia Project LLC, the company behind the planning of Cascadia, filed for Chapter 11 bankruptcy protection. According to HomeStreet Bank, which financed the project, over 72 million dollars of loans were non-performing. HomeStreet Bank had planned to foreclose and auction of the land of the community, which had been running behind schedule with only a school, and some road related infrastructure completed.[5] The bankruptcy restructuring plan proposed by Cascadia Project LLC was rejected by the U.S. Bankruptcy Court, and HomeStreet Bank completed foreclosure of the land and held an auction September 24, 2010.[6] As there were no qualified bidders, the property reverted to HomeStreet Bank ownership.[4] Following the auction HomeStreet Bank intended to find another developer for the community.

Recovery as Tehaleh[edit]

Newland Communities and North American Sekisui House salvaged the project in 2011 by purchasing 4,200 of the original 5,000 acres of land for 49 million dollars. The development was renamed "Tehaleh", a Chinook word for "high ground, superior land or land of the gods." The revised plan calls for constructing 5,900 houses and 4 million square feet of business property within the next 25 years. The plan also retains the many parks and trails included in the failed Cascadia project. On 26 September 2012, Tehaleh opened its first ten model houses.[7][2]

Due to its elevated geography on a plateau, Tehaleh will be at reduced risk of flooding from the Puyallup River. However, like many communities in Washington, Tehaleh is still vulnerable to mudslides in the event that Mount Rainier erupts.[7]

References[edit]

  1. ^ "Big housing-retail project planned in Pierce County"[dead link]. Seattle Post-Intelligencer. Retrieved 30 December 2009.
  2. ^ a b c Cooper, Katherine (26 September 2012). "Pierce County planned community called Tehaleh, aka Cascadia, will have its grand opening this weekend". The News Tribune. Retrieved 5 August 2014. 
  3. ^ "Cascadia dream finally nears reality". Puget Sound Business Journal. Retrieved 30 December 2009.
  4. ^ a b "Cascadia property reverts to bank". Tacoma News Tribune, September 25, 2010. Retrieved 18 January 2011
  5. ^ "Money troubles cloud prospects for largest planned community in Washington state". Oregon Business News. Retrieved 30 December 2009.
  6. ^ "Cascadia developers out of time to pay off debt, property goes to auction". Bonney Lake & Sumner Courier-Herald, September 23, 2010. Retrieved 18 January 2011
  7. ^ a b Champagne, Reid (12 September 2012). "Under construction: New city from scratch". The Seattle Times. Retrieved 5 August 2014. 

Coordinates: 47°08′00″N 122°10′30″W / 47.13333°N 122.17500°W / 47.13333; -122.17500