In the neighborhood where he grew up, with his proud mother peg looking on, investor Chris Hansen watched his arena deal get the key signatures making his offer official.

Lots of work to make this reality but today is huge day, he said.

Hansen's $490 million plan will now go through a city environmental review, which has been criticized as a sham by the longshoreman's union.

We have an absolute obligation to go through the state environmental process and we're going to do that, said King County Executive Dow Constantine.

Cities build things all the time, and people bring lawsuits all the time. We have to make sure we follow the rules and we'll get the building, said Mayor Mike McGinn.

Hansen reiterated that his only interest is in the Sodo site, where he's already snapped up $53 million dollars in land.

We've offered the majority of the contribution and we need to come with a proposed site. That's the way it works, he said.

The question now become is there an NBA team to fill the building.

And what can he say about an NBA team?

Not much, Hansen said with a chuckle. We're trying hard, that s about all I can say.

The local chapter of the ILWU says it intends to file suit over the proposal within the next few weeks.

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