Case Study – Mercer Mega Block
Mission Accomplished: Mercer Mega Block | Land Development
OVERVIEW
- 800 Mercer St, 615 Dexter Ave N, Seattle, WA
- Land Development Site | Downtown Seattle
- 124,395 SF / 2.86 AC
- Seller Representation
- Sale Price: $143,500,000*
*The $143,500,000 sale price included a contribution of $5M to combat homelessness
The Challenge
Our team was chosen to assess the highest and best use by identifying development opportunities and constraints while providing a thorough site analysis for a 2.86-acre acquisition opportunity site owned by the City of Seattle and located in the South Lake Union neighborhood. The 3-block site, recently upzoned, included the assembly of several disparate sites previously divided by intersecting streets that had been reorganized as part of the realignment of Aurora Avenue interface with the new tunnel project bypassing the downtown viaduct.
Our Approach
We engaged the services of Ticanero Associates to establish ideal massing options, and analyzing surrounding uses to understand nearby building scales and adjacent environmental constraints including the Seaport Flight Path. Once a thorough analysis of the site was completed, we identified singular highest-and-best-use scenarios for each of the three primary programming scenarios as well as one overall highest-and-best-use combined scenario to utilize for marketing exhibits.
The Outcome
Listed: November 25, 2016 Competing Offers: 6 Under Contract: August 17, 2019 Closed: March 18, 2022
For more information regarding this case study, please contact:
STUART WILLIAMS
Principal
D (206) 219.1281
swilliams@lee-associates.com
ALEX MUIR
Senior Vice President
D (206) 219.1283
amuir@lee-associates.com
SCOTTY ROWE
Associate
D (425) 818.2655
srowe@lee-associates.com
MCCALLUM MEAD
Associate
D (425) 818.2656
mmead@lee-associates.com
