In March, Parks head of acquisition Don Harris told CHS negotiations between the City and the investment company that owned the empty lot targeted for Capitol Hill’s next green space project wouldn’t take long. He was right. Today, the Seattle Parks Department announced they have reached an agreement with Fedrep Investors, LLC to purchase the 12,000 square feet of empty lots at the intersection of Federal and Republican. Parks planners had said they expect to spend around $1.3 million to acquire land for the latest new Capitol Hill park. Harris said the key to the agreement was reaching “a fair deal” for the property. We’ve asked Parks for the agreed on purchase price and will update when we know more. UPDATE: Parks says can’t announce price until the deal closes later this month. Here’s the announcement from Parks.

SEATTLE PARKS TO ACQUIRE PROPERTY ON CAPITOL HILL

Seattle Parks and Recreation has reached agreement with the owner of a 12,000 square foot property, located at the northeast corner of Federal Avenue East and E Republican St. on Capitol Hill, to purchase it for use as a park.

The parcel was suggested for purchase several years ago, as the 2000 Pro Parks Levy was ending, but there were no funds available to buy the property at the time.

A developer purchased the site, demolished the existing structures, and obtained permits to build townhomes. Voters approved the 2008 Parks and Green Spaces Levy in November of 2008, and in the meantime the property changed hands again, to another real estate developer who intended to proceed with residential development. By this time the site’s potential as a public park were evident since it was now a vacant site.

The 2008 Parks and Green Spaces Levy includes funds to purchase neighborhood park sites in densely populated urban villages with service gaps, including the northeast quadrant of the Capitol Hill Urban Center Village.

Parks hosted a public meeting in early 2010 and invited the community to discuss the possibility of acquiring the property. (http://www.capitolhillseattle.com/2010/02/24/new-park-meeting-notes-money-available-to-acquire-not-maintain-or-build) More than 70 people attended and showed enthusiastic support for its purchase for a park. Though the developer was poised to proceed with development, successful negotiations led to an agreement on the City’s purchase of the property, and Parks expects the transaction to close later in June.