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Downtown Land Sale Could Top $600M

SEATTLE-Thanks to a recent up-zoning by the City, the 12-acre cluster of parking lots and other properties could change the face of the city.

By Brian K. Miller | Updated on June 17, 2007

SEATTLE-The Clise family has put up for sale a 12-acre chunk of Downtown that was four generations in the making. The portfolio of mostly parking lots and low-rise buildings could fetch $600 million or more, thanks to a recent up-zoning of the area, which is known as the Denny Triangle.

Strategically located between the Downtown core and South Lake Union, where billionaire Paul Allen is developing some 60 acres he controls, the Clise portfolio is capable of supporting between 10 million and 13 million sf, making it one of the nation’s largest infill assemblages in a major urban market. Clise Properties chairman Al Clise tells GlobeSt.com he hopes the sale leads to a rapid transformation of the area.

“I think it needs to happen now, (and) for us to do it, because of the size of the company we are, would be very difficult,” Clise says. “We have developed high-rise real estate for many years, but this is on a different level, a bigger level than we could probably do in any kind of timeframe. Others are better suited to do it than us…or we might do it with them.”

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