Actually, we rounded up. Donald Harris, acquisition manager for Seattle Parks, tells CHS that the acquisition of 12,000 square feet of empty land at the corner of Federal and Republican has cost the city $1.975 million. That’s $164.58 per square foot. That’s just under the median price per square foot you’ll pay for a single family home in Seattle — though a bargain compared to Capitol Hill averages. No homes in this deal though. And that’s partly why the price was higher than expected for the city.
Parks planners had said they expected to spend about $1.3 million on the acquisition. Harris says the investment group’s plans to create another townhome project for the space drove the 52% increase in cost compared to the original projections.
The Parks Departmentannounced they had arrived at a deal for the land in early June after a protracted negotiation with the investment group that purchased the lots following a failed attempt to develop a townhome project. While it might not seem entirely logical for the department to be acquiring more land for parks when it is struggling to maintain the green spaces we already have in Seattle, the acquisition budget is powered by the parks levies voters have — so far — continued to approve.
As for what comes next, to give you some sense of the timeline, the first public presentation of design concepts for the Summit and John park happened in spring 2008. If construction schedules hold, that park will be completed this fall. Given that, we’ll meet you in FedRep Park in spring 2013.