We were not happy when the Puget Sound Biz Journal ran a few bone-picking obituaries for the monorail way back in August. But they were on the right trail. Always follow the money, we guess.Those PSBJ pieces are very interesting now that the will is about to be read and the monorail project's acquired real estate is set to be auctioned off. The Journal apparently ran a map of the monorail properties sometime in August but we couldn't find it on the Web. Today's Seattle Times map (which we borrowed and modified for the graphic on this phine post) is not very detailed but does give some highlights. Anybody know what restaurants these are?
From what is online, in August 5th's Land grab: Property at issue if the monorail dies, we learn that the process has created super-lots that will likely attract a great deal of commercial interest:
- "For instance, the agency was able to fill in the Fiorito family's "U"-shaped parcel by buying the abutting properties, creating the larger site the agency believed it needed for its plans. One consequence: The combined property would be much easier to develop if it is later sold, making it far more valuable."
- Some of the smaller properties along Fifth Avenue in downtown may be the most sought after, fetching prices perhaps as high as $210 a square foot.
- Likely bidders: Neighboring property owners hoping to increase their holdings and businesses looking for new headquarters.
- "If the city is smart and logical they would look at that before they let any of it go to the market," he said. "It's hard to find little properties like that."
Meanwhile, the little guys and gals who may have bought a home with the monorail as a draw are SOL. The real estate vulture quoted is licking his chops: "If I am an apartment or condo buyer and I bought in anticipation of being along the monorail route -- especially at a station -- I'm going to see a drop in value associated with my property," Laycock said, "especially if I bought closer to when the monorail was being planned rather than five years ago when it was just an idea."
-- j
Tags: uptown, seattle, monorail, realestate
1 comment:
So, the city kept telling the SMP to hurry to hastily put something on the ballot, but now that they're dead the city council wants them to slow down a while?
Every time they were asked before the election if they would immediately cease operations, they gave the answer everyone demanded of them: they would sell off the property and shut down operations as quickly as possible so that the debt could be retired as quickly as possible and the tax with it.
If the city tries to take the land at a bargain instead of at auction, who is then to blame for how much longer it takes to retire the debt and people have to pay the tax? Auctioning off the property will reduce the agency's debt dramatically. If the city swoops in and tries to declare it their own at bargain basement prices, I don't want to hear them complain about how long it's taking to retire the monorail tax.
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