Cascadia is a proposed master-planned community to the south of Bonney Lake

Bonney Lake, Washington

Bonney Lake is a city in Pierce County, Washington, United States. The population was 17,374 at the 2010 census.-Geography:Bonney Lake is located at ....

 in Pierce County

Pierce County, Washington

right|thumb|[[Tacoma, Washington|Tacoma]] - Seat of Pierce CountyPierce County is the second most populous county in the U.S. state of Washington. Formed out of Thurston County on December 22, 1852, by the legislature of Oregon Territory...

, Washington, United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

. Construction began in 2005 with an estimated timeline for completion of 20 years. Included in the plans were 6,500 homes, a commercial district, industrial park, schools, as well as parks and open space for residents to enjoy. Construction halted in 2008, prior to the construction of any homes or commercial properties. After foreclosure proceedings, as of September 2010 the property is owned by HomeStreet Bank with an intent to find another developer.

Financal Crisis

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. 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. As there were no qualified bidders, the property reverted to HomeStreet Bank ownership. Following the auction HomeStreet Bank intended to find another developer for the community.