Search
 

GlobeSt.com UPDATE: Qwest Building Purchase Still in Works

BELLEVUE, WA-The Bellevue City Council remains interested in buying a Downtown office building owned by Qwest for $28 million and turning it into a new civic center at a cost of about $350-per sf, or $105 million.

By Gina Binole | Updated on November 06, 2002

BELLEVUE, WA-The Bellevue City Council remains interested in buying a Downtown office building owned by Qwest for $28 million and turning it into a new civic center at a cost of about $105 million.

How to finance the deal, and whether to go forward, is something officials have until the middle of next week to hash out and keep negotiations moving. Initially, the city manger, council members and other officials suggested the 298,000-sf telecommunications building located across from the Meydenbauer Center at 450 110th Ave. N.E. could be bought without raising property taxes. Instead of raising property taxes for the acquisition and renovation, GlobeSt.com reported in September the city was considering tapping reserve funds and revenue for future capital projects that could be delayed.

Up for consideration by council this week was a slightly different financing plan. City staffers have proposed paying for the bulk of venture with funds from sales and business taxes. But a portion — about 12% would come from the city’s reserve funds and roughly 9% would be generated by a slight property tax hike — about $10 a year for the average homeowner. The building is valued at nearly $58 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.