Seattle Arena Developer Now Has All Land Parcels Needed, Still No Team

Seattle investor Chris Hansen is taking steps to purchase the Showbox Sodo building in Seattle, south of Safeco field. This comes, according to Nick Eaton, with the hope of attracting an NBA and an NHL franchise to Seattle.

Hansen purchased the space for $8 million. Combined with other properties that Hansen owns in that vicinity, this newest purchase gives the hedge fund manager the necessary land to construct a new arena.

As reported by King 5 News, Hansen has now amassed almost $49 million in land. This is considered a somewhat risky investment, since the Seattle City Council has yet to approve plans for the new arena. The additional cost of building the arena has been estimated at roughly $490 million.

While former SuperSonics fans are likely to support the project, maritime labor unions have raised questions, as the new stadium would be very close to the Port of Seattle.

For more Seattle news, check out SB Nation Seattle.

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