SeaTac Drops $12.7 Million On Chunk Of Land
The City of SeaTac announced Monday (Jan. 4th) that it has purchased a 4.23 acre chunk of land with commercial structures on it at 15247 International Blvd. for $12.7 million.
According to a press release, the property, which is located directly across the street from the new Tukwila Sound Transit Link light rail station, will be used to “construct public roads, open space and infrastructure as set forth in the Capital Improvement Plan for the Light Rail Station Area at S. 154th Street.”
The transaction closed Thursday, December 31, 2009.
“This is a fantastic opportunity for the City of SeaTac,” said Mayor Ralph Shape. “The City was able to purchase a critical piece of property for future public use at $4 million less than a recent appraised value, and more than $6.4 million less than the current tax assessed value. At the same time the community will realize significant net operating income in the coming years from the current leases at the property.”
Fifteen tenants currently occupy 61,641 square feet of space at SeaTac Center, including Monte Carlo, Refugee Women’s Alliance, Pabla India Cuisine, and Pacific Highway Chiropractic.
In December 2006 the SeaTac City Council adopted the “South 154th Street Station Area Action Plan” which called for this area to be developed as a “vibrant, mixed use residential neighborhood that connects people of various backgrounds.”
The station area was envisioned to be pedestrian-oriented, visually pleasing, easily accessible, and integrated with the new light rail station across the street.
The adopted plan provided for the city to acquire property in order to build the required infrastructure such as roads and sidewalks. In May of 2009 the property went into foreclosure proceedings, and SeaTac worked through a commercial broker to ascertain the value of the land and the current tenant lease agreements.
The City of SeaTac will retain a third-party firm to manage the property.