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.
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.
Comments
Is this land hansen had an option on that he is jsut outright acquiring now
Or was this a new land purchase that he didn’t have an option on before?
By gstommylee on 10.18.16 6:43pm
He did not have an option on this before
This is a completely new purchase.
By Matt Tucker on 10.18.16 6:48pm
Now that makes things more interesting
I ask the same question I asked before why would he buy land besides selling it later if there is no chance of convincing SCC to approve the street vacation. It’s one thing to buy land if he has an option. Its another to buy land that he hasn’t already had an option on it.
Something is going on.
By gstommylee on 10.18.16 6:51pm
It's simply a smart real estate play
If the arena gets approved, great. If not, all that is still one sweet place to develop property. Housing, office buildings, light industrial, parking, and such with immediate access to two interstates and mass transit. And in an area where it’s increasingly hard to find actionable real estate.
By Kirkland (Not Costco) on 10.20.16 2:40pm
Regarding the SCC/mayor commission to evaluate the SODO area
Does this make him a big enough stakeholder in SODO to have a seat at the table for these discussions, or move him farther up the food chain to increase his influence?
By cortone on 10.19.16 7:54am
Hansen should have enough
By gstommylee on 10.24.16 12:15pm
He should also buy Pier 46
By Paul Rogers on 10.18.16 7:11pm
Buy the whole port and run for council/mayor
By SonicsJoe on 10.18.16 11:04pm
While he is in spending mode
also buy the Seattle Times
By livetonight on 10.19.16 8:31am
That would be a horrible investment.
The Times will drown in its’ own in time.
By sofa-king on 10.19.16 9:02am
Iunno...
I’d be happy to put some coin down to take the Times out to the back paddock and put it out of its misery.
Should we begin a Kickstarter to buy the Times off Blethen and then fold it?
By MartinHughes on 10.19.16 9:14pm
I love the fact
that Chris just doesn’t give up. We could not be luckier to have a guy like this on our side trying to bring the Sonics back to Seattle. Chris is the man!!!!
By paytonlobs2kemp on 10.18.16 7:14pm
The dude has got no mercy
.
.
.
……none
By sofa-king on 10.18.16 7:20pm
If he eventually buys the DreamGirls property ... that proves it beyond doubt.
By Kirkland (Not Costco) on 10.20.16 2:42pm
You can be assured it's in the works
The owner of that parcel would have far too much leverage if they knew that they held the lone property that prevented the completion of a larger parcel. I doubt Hansen would have completed the acquisition of the northern parcel if he didn’t already have the connecting parcel locked down.
By Yoonhawk on 10.20.16 6:57pm
Every time I hear Hansen has bought more SoDo land
By SeattleSharksFan on 10.18.16 7:49pm
Wouldn't it be awesome if he just owned the whole neighborhood sooner or later? <img src="//fonts.voxmedia.com/emoji/unicode/1f60a.png" alt=":blush:" class="emoji">
I mean, i guess he’ll develop the land into something even more obnoxious than an arena if they don’t approve vacation.
p.s. Is the little red portion on the map the newly acquired part or the portion that he does NOT own. Just curious…
By 206er on 10.18.16 7:57pm
Red area is latest purchase.
By Taylor Made on 10.18.16 8:00pm
rad. thx
By 206er on 10.18.16 11:20pm
I Like How...
… Hansen’s real estate guy says he has no plans to develop.
Well, not until the SCC gets off its butt and approves street vacation, anyway.
By MartinHughes on 10.18.16 11:27pm
What is needed from the gov if Hansen decides to fund the whole project privately?
It’s the street vacation, right? Anything else?
By oatatst on 10.19.16 12:00am
Are you a sorcerer?
This is a timely comment.
By Drunk Viking on 10.27.16 7:19am
Why...
would he be paying triple the assessed value for this and the previous pieces of land? Are these land owners just playing ultra hardball with him or are there behind the scenes bidding wars for these pieces of property with perhaps the Mariners? I know they had a plan to develop the area that they have been sitting on forever.
By jasonnn. on 10.19.16 12:13am
What's the over/under
For how long it’s going to take Baker to publish his next hit piece? You know, to inform the people.
By Zeppe on 10.19.16 5:01am
Depends on Hansen
As soon as he makes another attempt at having the SCC vote for the street vacation Geoff will be at it again. His boss will make sure of that.
Until then, he’s still busy organizing that MMA tournament to determine the one investor, who’ll then be allowed to rebuilt KeyArena…
BTW: Does this building belong to the land Hansen bought?
If so, it could be the place to put that giant middlefinger pointing towards Safeco…
By Silvio on 10.19.16 7:21am