Susan Carlson, the Renton's economic development director, announced the "serious negotiations" during a public hearing before the City Council to discuss a Port Quendall development moratorium enacted last month. Both parties hope to finalize an agreement before next Monday, said Carlson at the hearing.
Neither the Cugini family or Vulcan Northwest could immediately be reached for comment. The Cuginis previously rejected an $11-million purchase offer from Vulcan. The King County assessor estimates the property is worth $16 million.
Allen already owns 20 acres in the area, and will likely acquire another 23-acre parcel that is slated for donation to the city, which would pay for soil remediation and then sell it to Allen. The mill property would give Allen more than 60 acres of waterfront property that at one time he planned for a massive office campus for his myriad companies. More recently, talk has been of a mixed-use development similar to Carillon Point in Kirkland, with high-tech offices, luxury condominiums, restaurants, retail shops and hotels.
A deal would also settle a zoning dispute between the Cuginis and the city of Renton. Last month, the Cuginis sought a court injunction against the city after being told that their development plan would not be allowed by the zoning code. The zoning code mandates that the entire Port Quendall area be developed as one unit.
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