Inside Opinion

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Tag: Newland Real Estate Group

March
27th

Newland’s sound track record bodes well for Cascadia

This editorial will appear in Monday’s print edition.

For 20 years, the Cascadia planned community has been a dream on the horizon, high on a plateau between Orting and Bonney Lake in East Pierce County.

Thousands of people would live there, and because it would be largely self-contained – with a variety of residences, workplaces, schools and shopping – it wouldn’t add significantly to local traffic congestion.

It was the community of the future – planned, not hodgepodge like most of the development in Pierce County.

But the dream came crashing to earth in the recession – along with the housing industry, banks’ ability to lend money and and people’s ability to borrow it. Cascadia was caught in the crunch; HomeStreet Bank foreclosed on developer Patrick Kuo in 2009 after he defaulted on $75 million in loans.

Now there’s hope that the state’s largest planned community will start moving forward again. The new owner, Newland Real Estate Group of San Diego, is a highly reputable developer with a 43-year track record of building planned communities all across the United States.
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