I could precariously ask hoop heads in Seattle to rejoice. But, I love you guys.
So instead, you might just want to begin thinking about rejoicing.
Investor Chris Hansen, of WSA Properties LLC, has just closed up a deal to purchase a chunk of land where Seattle’s Showbox Sodo currently stands. The land was valued at $3.3 million this year. Hansen’s group just bought it for $8 million. These guys mean business.
Hansen has made known his plans of bringing an NHL and-gasp- an NBA team to the city of Seattle. WSA has been buying up properties for quite some time in this effort. To this point, Hansen’s group is in full possession and control of properties from South Massachusetts and South Holgate streets. As it turns out, that’s what Hansen’s group needed to get the project of building an arena started. The plan here is to build an arena to house both an NBA and NHL team.
These wheels are just beginning to spin, however. The land is bought, but the arena needs to be built. The finances are also an ongoing issue. Hansen has asked both Seattle and King county for upwards of about $200 million in bonds to help fund the building of the arena.
Particularly interesting is how the money is to be paid back. In most cases, the participating county or counties would receive the revenue from some tax (specific to the arena) that would make it so that the people of said county would see the jump in taxing to offset the arena cost. Instead, the tax that would be paying the counties back would be deducted from arena operations, effectively isolating the taxing range to those who use the arena.
It’s a different set up. But if there’s any city whose fans are hoops-starved enough to let that slide. It’s Seattle In that light, the financials are minor details at this point. Of course, Hansen’s plan, though preliminarily approved, will inevitably go through its fair share of amendments. Discussions of the arena have been sidelined until after Labor Day weekend.
Once again, my hoop fans in Seattle, be cautious. Don’t jump up and down just yet. But, flash a grin, if you’d like. The first step has been taken.
H/T to a story by Nick Eaton of the Seattle PI.
