Skyscraper planned for Federal Way | Business

A 45-story tower is planned for construction in Federal Way at 31740 23rd Avenue South.

Sky Hotel and Residences will sit on a 1.89 acre site and house 400 condos, 120 unit high-end hotel with 18,000 square feet of conference space and a 5,000 square foot spa.

The 1,000 square foot condos are estimated to be sold for $500,000 or more each.

The building will also have nearly 16,000 square feet of office space and 20,000 square feet of retail and restaurant space.

At a cost of more than $225 million, the center will add 400 parking spaces and a 40,000 square foot public plaza to the city core.

Sky Hotel and Residences is being developed by Twin Development, LLC under a federal program that opens the door to foreign investment in return for Green Card status in the United States.
 
The program operates in federally recognized regional development centers, a designation recently granted to Federal Way.

Twin Development looks for investors, particularly in Korea, with a minimum $1 million dollar investment in places with that designation. Those making such an investment can then immigrate easily to the United States.

Sky Hotel and Residences is scheduled to open in March of 2014.