According to King County property records supplied by First American Title Co., the Denny Way LLC purchased 12,960-sf of the site at 600 Denny Way in July 1999 for $1.45 million. At present a 996-sf automotive shop and parking lot occupy the property, which is a stone's throw from the site proposed by billionaire Paul Allen and Don Milliken's for a 1.1 million-sf mixed-use development.

The SHA, meanwhile, tells GlobeSt it owns the other piece of land that will comprise the building lot. "We own the parcels to the north of the corner lot. Currently that's the site of our corporate parking," says Felton.

The SHA's main offices are just up the street from the site at 120 Sixth Ave. N. As part of an exchange Denny Way LLC will construct a 110-stall parking garage for the SHA, which will deed approximately 12,000 sf of land currently as surface parking to the LLC. Felton says the parking aspect was a major consideration deciding to participate. "We thought it was an attractive project," says Felton, "and an opportunity for us to secure additional parking,"