Chris Hansen closes deal on more land in SODO

Chris Hansen closes deal on more land in SODO

Chris Hansen closes deal on more land in SODO

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by CHRIS DANIELS / KING 5 News

Bio | Email | Follow: @ChrisDaniels5

KING5.com

Posted on June 17, 2012 at 6:11 PM

Updated Monday, Jun 18 at 5:45 AM

SEATTLE – Records show proposed Seattle Arena investor Chris Hansen has closed a deal for more land in Seattle’s SODO neighborhood.

Hansen acquired the lots at 1548 and 1556 1st Avenue South, officially, back on May 31.  The deal with “Falconbridge Enterprises Inc.” was for $9,450,000.  The assessed value was just over $4.5 million.  Hansen had previously purchased another lot, and the three acre parcel south of Massachusetts.  He has now acquired more than $35 million dollars in land alone for his proposed arena. 

The San Francisco Hedge Fund manager recently announced Microsoft CEO Steve Ballmer, Pete, and Erik Nordstrom are part of his investment team.  Hansen has said he has contracts on all the land he needs to build a sports and entertainment complex.  Sources have indicated the total price tag could be near $50 million dollars.

A Memorandum of Understanding reached between Hansen, Seattle Mayor Mike McGinn, and King County Executive Dow Constantine calls for the City and County to buy back the land from Hansen at fair market value at the time of groundbreaking. 

McGinn and Constantine have agreed to float $120 million in bonds if Hansen acquires an NBA team, and up to $200 million if he acquires both an NBA and NHL franchise.  McGinn says the bonds would be repaid through “arena generating revenue.”

The MOU needs the approval of both the King County and Seattle City Council in order for Hansen and his investors to proceed, and Hansen is expected to address both this week.

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