Entrepreneur Spends $32M on Parcels for Parking

Entrepreneur Chris Hansen parted with $32 million to acquire two land parcels South of Downtown Seattle (Sodo). Hansen envisions that the 4.8 acres can be used as potential parking for his proposed National Basketball Association (NBA) arena. Hansen, so far, has spent $97.5 million on 12.26 acres for a proposed arena.

It is Hansen’s goal to return the Sonics basketball team to Seattle. However, Seattle’s city council voted against a street-vacation plan that harmed the arena proposal. Additionally, the NBA indicated that the league has no plans to expand this year or next.

Hansen has a memorandum of understanding with the city and King County through November 2017. If Hansen is able to buy an NBA franchise, up to $200 million in public-bond funds will help build an 18,000-seat arena.

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