Seattle, WA, November 25, 2009 – The Washington State Department of Transportation paid two Urban Visions' LLCs for 3.98 acres of land it needs for the Alaskan Way Viaduct replacement project. The land consists of 2 parcels located at the Northwest corner of First Avenue South and South Royal Brougham Way. The sale price equates to $258 per square foot.
Greg Smith, owner and CEO of Urban Visions, bought the land in 1999 with plans to develop the site into a one million SF sustainable mixed-used project. The state began leasing the land from Smith two years ago. WSDOT also purchased another 3.8 acre parcel of land from Smith in 2007, due west of the land it just purchased. He purchased the property ten years ago for $10.25 million.
The site will be used for part of the Alaskan Way Viaduct and Seawall replacement program.
For more information please refer to the DJC article here.
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