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Hansen group buys up more land in Seattle's SODO neighborhood

Deal worth close to $5 million expands Hansen's portfolio to 13 acres of land in SODO.
Credit: KING
Chris Hansen on Tuesday, October 10, 2017. (Photo: KING)

Editor's Note: The above video is from April 2018 when Hansen announced he would continue his effort to build an arena in SODO. 

Chris Hansen's investment team has closed a deal on two more pieces of property in SODO, raising new questions about his future moves south of downtown.

WSA Properties LLC closed Tuesday on two pieces of land for $4.845 million near the intersection of 1st Ave. S. and Stacy. The two pieces at 2242 and 2250 1st Avenue S. mean Hansen's group now controls more than 13 acres of land south of Seattle's stadiums. Hansen has used the LLC, and spent tens of millions, on the transactions.

Credit: Chris Daniels

Hansen has attempted for years to acquire enough space to build a new basketball arena and was turned down for a street vacation permit in 2016 which could have potentially allowed him to move forward. 

Seattle leaders have since tied themselves to the redevelopment of the KeyArena site.

Bill Vipond, Hansen's real estate consultant, says the purchase shows that the group is still "pro-SoDo, and the Arena is still our primary objective." Hansen has re-applied for the street vacation, but the application has languished, especially in light of the city's deal at Seattle Center.

RELATED: SODO arena group continues to push for NBA-focused venue

RELATED: SDOT blames SODO arena street vacation delay on Chris Hansen

Arena or no arena, the investment has been a strong one for Hansen. The group started buying up land back in 2011, which at the time seemed overvalued. However, after Seattle real estate values skyrocketed, it has likely been a potentially valuable long-term play. 

In the 1990s, Paul Allen wanted to build a massive public park in South Lake Union called the Seattle Commons. Once rejected by voters, he turned the land into valuable real estate and Amazon built out their campus years later.

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