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Project Outline
Paul
Allen funded the acquisition of 10.5 acres of land and 400,000
square feet of buildings to initiate a proposed park in the Lake
Union area of Seattle (Seattle Commons). Jim Klinger of GVA Kidder
Mathews acted as acquisition agent for the Seattle Commons. The
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. In 1998, Jim reinvented the
land assemblage on behalf of Paul Allen. 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, Jim
acted as acquisition agent managing the assemblage process for
Vulcan, Inc. He prioritized the opportunities, contacted the
owners, and negotiated the contracts to purchase.
Services Provided
How GVA Kidder Mathews
Added Value
Jim assisted Vulcan, Inc. in acquiring 1.6 million
square feet of land and 970,000 square feet of improvements, an
investment of more than $180 million dollars. 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. |
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