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Hansen snags more land: now $123M investment in SoDo

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A new report reveals the Seattle Arena investment group has made another big land purchase related to the project.

Peter A.

Chris Hansen reaffirms his commitment to the Seattle Arena project by purchasing two more parcels of land in the SoDo neighborhood, per a new report from KING5-TV's Chris Daniels.

The parcels -- the building that houses Henry's Tavern and an adjacent parking lot just north of the Dream Girls adult club -- were purchased for $25 million per public records. The land was last appraised at a value of $8.8 million.

That brings the Hansen group's total land ownership in SoDo to 12.65 acres, 551,000 square feet split across 16 properties per Daniels. It's a total investment so far of $123 million, including the recent purchase of 4+ acres of warehouse and parking land between S Holgate and S Walker Streets for $32 million last month. That amount was said to be about three times the assessed value of the land.

Other than Dream Girls and the parking lot across Edgar Martinez Drive from the homeplate entrance to Safeco Field, the arena investment group owns everything along the east side of 1st Avenue South from the I-90 terminus to Holgate.

Hansen Property 101816

Red area is latest purchase.

This latest land purchase is likely related to the ancillary development the investors have planned north of the arena. Referred to as "L.A. Live"-like, the stretch is expected to feature restaurants, retail shops, and other amenities that will cater to basketball fans, hockey nuts, and eventgoers at the arena. It's said the feel will be something more akin to Pioneer Square than the ostentatious Southern California entertainment complex.

Following on the heels of our report on NBA expansion discussions, one wouldn't be remiss in thinking Hansen is gearing up for his next big push to get S Occidental Ave vacated and solidify his arena project. Seems like the iron is heating and readying to be struck.

Could that strike involve a potential contribution to help close or fill the gap in the Lander Street overpass project that is still about $35 million short?

Updated

Mike Rosenberg of The Seattle Times spoke with Bill Vipond, the real estate consultant working with Hansen's group, in his report on the parcel purchases.

“This is just a great building that became available and it made sense to buy as we already own a lot of the” block, said Bill Vipond, Hansen’s real-estate consultant. He added that Hansen has no plans to redevelop the site.