This afternoon, the City Council voted out of committee an ordinance approving the proposed sale of the “Mercer Megablock” to Alexandria Real Estate Equities.
This morning, Mayor Durkan announced that the city has agreed to terms with Alexandria Real Estate Equities to purchase the Mercer Megablock property in South Lake Union, along with the adjacent city-owned property at 615 Dexter Avenue N. The deal will net the city $143 million in cash, plus a package of additional public benefits that together the city estimates will total somewhere between $275 – $305 million.
Remember the “Mercer Megablock” — the 96,000 square foot chunk of city-owned property in South Lake Union that the city is trying to sell, and became controversial last October when community and housing advocates pushed for the city to use the entire property for affordable housing?
This morning, Mayor Durkan let it be known that an announcement related to the sale of the property is coming
next week, and gave some high-level details on what she will propose to do with the proceeds from the sale. UPDATE: A spokesperson from the Mayor now says that the details on the sale and an accompanying bill for the Council’s consideration will be coming “in the next two weeks.”
After years of complex transactions, land-use decisions, construction projects, and moving money around, the city of Seattle is on the verge of disposing of the “Mercer Megablock,” a 96,000 square foot parcel of land in the heart of South Lake Union. So naturally, a set of activists are agitating to have the city rethink the plan.