Hansen acquires former PaperZone location in SODO

Hansen acquires former PaperZone location in SODO

Credit: King County Dept. of Assessments

Hansen paid $3.2 million for two parcels at the southwest corner of 1st Ave. S. and S. Holgate St.

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by CHRIS DANIELS / KING 5 News

Bio | Email | Follow: @ChrisDaniels5

KING5.com

Posted on September 25, 2012 at 4:42 PM

Updated Wednesday, Oct 30 at 3:25 AM

Chris Hansen on Tuesday closed on more land in Seattle's SODO district, King County property records show.

Hansen, the lead investor behind the plan to build a $490 million sports arena in SODO, paid $3.2 million for two lots of land on the southwest corner of 1st Ave. S. at S. Holgate St. The property was formerly the home to a PaperZone store and sits across 1st Ave. S. from the Krispy Kreme. The new arena would lie 2 blocks east at Occidental and Holgate.

To date, Hansen's company has spent nearly $54 million on property in SODO. Parcels like the former PaperZone location are not needed for the arena complex. A spokesperson for Hansen said the land could be used for a parking facility.

On Monday, the Seattle Council approved a deal that would provide up to $200 million on public funding from the city and county for the arena project, with tax revenue from the facility repaying the principal. The King County Council is expected to vote within the next week on the proposal. Once completed, Hansen said the deal will enable him to shop for an NBA franchise and, possibly, and NHL team.

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