Nonprofits Historic Seattle and Seattle Theatre Group, the operator of The Paramount, Moore, and Neptune Theatres, have made their bid to purchase downtown Seattle music venue The Showbox.
The groups announced their bid Tuesday night but did not disclose the dollar amount of the offer.
“We are thrilled to have such a strong partner as STG in our effort to purchase The Showbox,” Eugenia Woo, director of preservation services at Historic Seattle, said in an announcement of the effort. “As we continue our due diligence and look forward to the opportunity to negotiate with the property’s owner, Historic Seattle will not back down in our fight to protect The Showbox.”
In October, CHS reported on the city’s settlement of a lawsuit brought by property owner Roger Forbes after a push to save the Showbox championed by Mayor Jenny Durkan, and campaigned for by District 3 rep Kshama Sawant reportedly scuttled a $40 million deal with Canadian developer Onni Group to build a 44-story apartment building on the land. The city also agreed to end the city council’s temporary expansion of the Pike Place Historic District to protect the building.
This summer, the Showbox was also granted landmark status. Woo said in Tuesday’s announcement the partnership will advocate for landmarks controls to be placed on the building. The city’s lawsuit settlement, meanwhile, was contingent on the landmarks board placing no restrictions on changing the building. That would allow a full redevelopment if a preservation-minded buyer like the Historic Seattle partnership can’t strike a deal.
“Regarding any potential sale of 1426 First Avenue, the owner has and will always consider any purchaser that offers fair market-value for the property,” a spokesperson for the building owner said in a statement sent to media. “For example, the recent settlement agreement with the City of Seattle created an option to purchase the property for $41.4 million. This option has not yet been exercised by the City.”
If accepted, the partnership would retain AEG as the Showbox’s operating tenant through at least 2024, according to the announcement.
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