A group led by investor Chris Hansen today paid $8 million for the Showbox SoDo property on First Avenue South, according to the Puget Sound Business Journal.
Records show Hansen, who’s buying land for a new sports arena, paid more than six times what the sellers paid for it 11 years ago.
The Showbox entertainment venue will continue to operate, leasing property from Hansen while details of the arena plan are worked out.
Hansen proposes building a $490 million professional basketball and hockey arena. With today’s purchase, Hansen now has more than $48.9 million for property in the area.
Hansen’s property is on both sides of Occidental Avenue South between South Holgate and South Massachusetts streets. He’s also purchased three parcels of land north of Massachusetts on the west side of Occidental, across the street from the Safeco Field parking garage.
Hansen has committed $300 million in private funds to the arena project. In the proposal before King County and Seattle City councils, he has asked for an additional $200 million in public funds.
The Metropolitan King County Council last month voted to move ahead with the arena. The Seattle City Council will vote in September.
MyNorthwest.com photo of Chris Hansen at a Pioneer Square rally earlier this summer in support of the proposed NBA and NHL arena south of Seattle’s Safeco Field and CenturyLink sports stadiums.