Seattle arena backer secures one more piece of SODO land

Seattle arena backer secures one more piece of SODO land

Credit: King County Property Records website

A description of the parcel that Hansen's group closed on.

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by CHRIS DANIELS / KING 5 News

Bio | Email | Follow: @ChrisDaniels5

KING5.com

Posted on September 7, 2012 at 3:30 PM

Updated Friday, Sep 7 at 4:21 PM

The man leading the effort to build a new sports arena in Seattle's stadium district has closed on the final piece of SODO real estate that he and his partners were hoping to acquire.

Chris Hansen's WSA Properties LLC finalized its purchase of the Bill the Butcher property located at 1730 1st Ave. S. by Showbox SODO, which Hansen acquired last month. This property is not needed for the planned arena complex, but it could be used for parking, a team store or other related activities.

Per the Memorandum of Understanding that Hansen signed with King County and the City of Seattle earlier this year, this new parcel would be transferred to public ownership along with the arena.

Closing on this property brings to an end 10 months of real etate purchases by Hansen and his partners. So far, Hansen's group has paid a total of $50.7 million to secure 239,000 square feet of property in SODO -- equivalent to 5.5 acres. The group also has an option on another acre parcel.

Hansen still needs approval from the Seattle City Council on a $200 million public bond issue that would be use to finance part of the arena's construction. Negotiations are underway to accommodate concerns raised by some council members, but no deal had been reached as of Friday.

Influential businesses in SODO, including the Port of Seattle and the Seattle Mariners baseball team, oppose the construction of a new arena, arguing that the area's transportation network can't handle the additional traffic.

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