Public records show that the man behind the Seattle Arena project has made an even bigger play for land in the SoDo neighborhood.
In May, as Steve Ballmer was readying a bid for the LA Clippers, Chris Hansen signed documents to make his biggest purchase ever for his SoDo project.
On May 19, Hansen signed a "Memorandum of Option to Purchase" for roughly five acres of property south of South Holgate street, adjacent to land he already owns. The deal, for 1900 Occidental Avenue, allows for Hansen to have the right of first refusal on purchasing the property, and is considered the precursor to finalizing the deal. The land would be the biggest parcel in the Hansen portfolio, stretching from Holgate Street, almost to Lander, and across the street from the nearby Starbucks Center.
"We now control the land," says Hansen's real estate consultant Bill Vipond, who says that the Arena backer paid an undisclosed amount for the option.
He has so far spent almost $65 million, in cash, for several pieces of land near 1st Avenue South and Occidental. The piece of property, involved in this latest transaction, has an appraised value of around $10,500,000. Vipond says Hansen has already agreed to a final sale price for the new piece, although it will remain undisclosed.
It will likely be for significantly more than the appraised value of the property, based on market conditions, and the fact that Hansen paid roughly $21 million in 2011 for his first piece of property, south of Safeco Field. At the time, it's appraised value was less than that.
On Monday, Hansen declined comment on the new purchase.
He has publicly talked about his admiration for the "LA Live" entertainment complex in Los Angeles. But Hansen could also be taking needed steps to satisfy any questions about traffic mitigation and parking. The project is currently undergoing a city environmental review, which is scheduled to be completed near the end of the summer.
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