The bad news for Chris Hansen is that his bid to purchase the Sacramento Kings and move them to Seattle didn't materialize.
The worse news is that he now owns a sizable chunk of property there for an arena that he's not contractually allowed to build.
So...now what?
Hansen owns nearly $64.7 million of real estate in SoDo, encompassing the land meant for the arena as well as surrounding property meant for parking lots and amenities. Not only did he pay almost $15 million more than what the land is valued at, according to King County, but he has no money-making ventures on any of it. So don't be too surprised if Hansen holds onto that land for as long as possible. It's value exists because of the possibility of the arena. Once that possibility is gone, that value plummets.
According to Ian G. J. MacNeil, the owner of a business on one of Hansen's properties, all of this means that you can expect Hansen to keep fighting for an NBA franchise...
MacNeil thinks that Hansen's quest to acquire an NBA team and build the arena is far from over. This is because Hansen and his partners, Microsoft CEO Steve Ballmer and members of the Nordstrom family, have invested too much to give up. "They are so deep in it," MacNeil said. "This isn't like losing out on a used car that was a good deal."
Good news for Sonics fans, bad news for the Seattle Times and their quest to convince everyone Seattle Center is the better location for an arena.
· In wake of NBA rejection, what's next for Hansen's Sodo properties? [PSBJ]
· Chris Hansen Now Owns 'Everything We Need To Own' For SoDo Arena [Curbed Seattle]
· Eight Great Moments From The Seattle Times Interview With Chris Hansen [Curbed Seattle]
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