European Tower delays construction

GIS International Group, developer of the one-home-per-floor European Tower project, is holding off groundbreaking plans for its 16-story exclusive high-rise tower in downtown Bellevue in anticipation of bringing the project to market in a better economic climate.

Plans now to break ground by this fall

GIS International Group, developer of the one-home-per-floor European Tower project, is holding off groundbreaking plans for its 16-story exclusive high-rise tower in downtown Bellevue in anticipation of bringing the project to market in a better economic climate.

“European Tower is our cornerstone project — and it will happen,” said Eugene Gershman, COO of GIS International Group. “We have been a part of this community for the past 15 years and have watched it step out of the shadows of Seattle.”

The developers now anticipate a fall 2008 start of construction.

European Tower was recently fully permitted by the city of Bellevue. GIS International Group plans to move forward with construction once the financial markets begin to “settle out,” according to Gershman. “This comes at a time when other developers are reevaluating their development strategies in this down capital-market climate,” he added. “Developers will do what is most advantageous for their business and investors, and especially their homeowners.”

A third of the homes are reserved for purchase. European Tower will continue to take reservations from homeowners who want to be part of the project’s unique urban lifestyle.

“Although we are not bringing the project to market right away, our first phase buyers are excited to have locked in pricing early,” stated Gershman. “Holding off construction will give our buyers the opportunity to close in a stronger market, ensuring their equity is protected.”

The 16-story European Tower condominium features only 16 residential units – one per floor. The structure itself has a Euro-inspired, thin-tower design, which allows for the most efficient utilization of urban space because of the narrow foundation footprint and vertical expansion of the building. It is designed around a fully automated, underground parking system unlike anything ever built in the West and one of only three such structures in the U.S.

John L. Scott and Windermere East are managing sales for European Tower. For additional information on sales call 425-455-EURO and speak with Michael Orbino or Tere Foster.

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