Mayor Murray Proposes $87M Garage Sale
Seattle Mayor Ed Murray wants the city to unload the Pacific Place mall garage for $87M to mall owner Madison Marquette. The deal would reportedly be beneficial for both partners, since the city is losing money by owning the structure—the legacy of a long-ago deal the city made to get the mall built in the first place—and Madison Marquette could build market-rate apartments atop the structure, the Puget Sound Business Journal reports.
Madison Marquette thus far hasn't commented on the possibility of a sale. Murray proposes using sale proceeds for various city projects, such as the new North Precinct Police Station at Aurora Avenue N and N 130th Street. The city would also retire the remaining debt on the garage. The city council still must approve the sale. [PSBJ]
