Paul Allen funded the acquisition of 10.5 acres of land and 400,000 sq ft of buildings to initiate a proposed park in the Lake Union area of Seattle (Seattle Commons). Kidder Mathews acted as an acquisition agent for the Seattle Commons. Seattle voters rejected the proposed park plan in 1994 and Vulcan, Inc. became lender in possession as the concept of the Seattle Commons faded away. On behalf of Paul Allen, Kidder Mathews reinvented the land assemblage in 1998. All properties were inventoried by size, ownership, and ratio of improvements to land area. Large development sites owned by multiple property owners were prioritized for acquisition. During the next three years, Kidder Mathews acted as an acquisition agent managing the assemblage process for Vulcan, Inc. Kidder Mathews prioritized the opportunities, contacted the owners, and negotiated the contracts to purchase.
Kidder Mathews assisted Vulcan, Inc. in acquiring 1.6 million sq ft of land and 970,000 sq ft of improvements, an investment of more than $180 million. Besides assembling the largest collection of land in downtown Seattle, the cost per square foot of land was comparable to the City of Seattle’s tax assessor’s value. Vulcan, Inc. intends to develop $500 million a year in mixed projects on the assembled land.
- Property Inventory
- Prioritize Ownership
- Site Analysis and Selection
- Property Acquisition