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The WSJ is reporting Clise is selling its entire land portfolio, and nothing from the local media, what gives??
 

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http://seattlepi.nwsource.com/local/320011_landsale16.html

Key property in Seattle goes up for sale
By AUBREY COHEN
P-I REPORTER

A longtime Seattle property owner is selling a downtown site that a statement Friday declared "on par with New York's Rockefeller Center or London's Canary Wharf."

Clise Properties, the real estate arm of one of Seattle's oldest families, announced Friday it was taking offers on 12 acres in the Denny Triangle -- land that can accommodate buildings up to 500 feet high -- thanks to zoning changes the city enacted last year.

The Clise family bought and developed Seattle land since after the Great Fire of 1889. Their news release declared the 12 acres "may represent the nation's largest land sale in a major metropolitan market" and its development would likely exceed $7 billion in public and private investment.

"Our family has held a vision for the development of this land that reaches back 100 years," Al Clise, the family company's fourth-generation chairman and chief executive, said in the news release. "It includes creating a thriving world-class development."

The statement also quoted similar superlatives from Patrick Callahan, chief executive of the Urban Renaissance Group, chairman of the Downtown Seattle Association and a past chairman of ULI Seattle.

"The Clise development site could be the catalyst that vaults Seattle to a prominent position as a worldwide city," Callahan said. "The positive impact this land offering will have, given its ability to develop the urban core from essentially a blank canvas, presents infinite opportunities to affect the city's landscape and the city's future."

Frank Bosl, a senior vice president in the Seattle office of CB Richard Ellis, said in a Friday interview that there's nothing in the city's recent history on par with this sale.

"The only thing that would match is if Vulcan decided to sell of their South Lake Union holdings," he said, referring to Paul Allen's development company. "There's really nothing else like it."

Bosl expected the land to draw "tremendous" interest from office and condominium developers, who have paid attention to the Clise holdings for years.

"The word from the Clise family has always been that they're going to turn around and develop it themselves," he said.

The statement did not say much about why the family had decided to sell, other than noting the significance of the zoning change and quoting Al Clise as saying the family spent decades assembling the land and pushing for dense, infill development to curb sprawl.

"The time to bring this opportunity to fruition as a lasting legacy for the city of Seattle is now," he said.

Michel Seifer, one of the two leaders of the Jones Lang LaSalle team that will market the property, said the family would consider its goals in deciding on a purchaser.

"Given the sheer size, scale and unique nature of this property as well as Seattle's profile as an emerging international gateway city, we expect unparalleled interest from the largest investors and developers around the world," he said. "That said, the Clise Family is seeking the right investor that will not only understand the value of this opportunity but will honor the stewardship of this development, which will stand as an economic development and job growth nexus for the city's future."

The 2007 Emerging Trends in Real Estate report by PricewaterhouseCoopers and the Urban Land Institute, recently named the Seattle region the most desirable place to buy and own office property and put Seattle in the top five overall for commercial development and investment prospects.

The Denny Triangle already is seeing rapid development. Clise intends to keep buildings it owns in the area.
 

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They always mention that building densely downtown is an effort to curb sprawl, but does anyone have any info on if that actually works? Does it actually promote more people living closer to the city, or is it more just lots of people live downtown AND the metro area still sprawls.

I always think of Chicago when I hear this. The downtown area is VERY densely packed, but the suburbs still go on forever too.
 

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I believe most or all of Clise' properties are on the west side of the Denny Triangle in the area bounded by Westlake, Denny, 5th, and Battery.

The 7th @ Westlake proposal is probably officially dead now, hopefully it'll be replaced by a better looking tower. I was never a fan of that one.
 

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They always mention that building densely downtown is an effort to curb sprawl, but does anyone have any info on if that actually works? Does it actually promote more people living closer to the city, or is it more just lots of people live downtown AND the metro area still sprawls.

I always think of Chicago when I hear this. The downtown area is VERY densely packed, but the suburbs still go on forever too.
Density relieves some of the pressure that causes sprawl. But stopping sprawl is all about regulating sprawl itself.

In King County's case we have moderate but largely-effective controls on sprawl. Other Washington counties have similar programs but the boundaries aren't as tight, so they aren't as effective.
 

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The WSJ has a map, and either the Times or the PI has another.

Think of it as most of the area between Westlake and Belltown south of Denny. Basically the emptiest part of Downtown. The WSJ map shows a block to the north also -- looks to be the Best Western block on Taylor.
 

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WOW that is a big chunk of land! Will this affect the twin condo towers between 5th and 6th that are supposed to start this fall? Also this would be a great opportunity to build a real urban park.
 

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So whats everyone's thoughts on this development? Should we be expecting an unprecedented flurry of proposals once the properties are sold off? I have always wished for more development in this part of town, and it would be super exciting if these sales meant something tangible.
 

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WOW that is a big chunk of land! Will this affect the twin condo towers between 5th and 6th that are supposed to start this fall? Also this would be a great opportunity to build a real urban park.
They're talking "Rockefeller Center" and "Canary Wharf" type developments. I think a park is kinda out of the question.
 

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That's great news! I wish they will change the height limition at that area and raises it to 800+ so Seattle skyline will have high diversity of skyscrapers with different height so Seattle skyline won't looks like stair from Alki Beach.
 

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They're talking "Rockefeller Center" and "Canary Wharf" type developments. I think a park is kinda out of the question.
I interpreted the original statement as describing the value of the location in relation to the city around it. I don't think they are expecting a Rockefeller Center type development out of this deal.
 

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That's great news! I wish they will change the height limition at that area and raises it to 800+ so Seattle skyline will have high diversity of skyscrapers with different height so Seattle skyline won't looks like stair from Alki Beach.
I don't mean to be rude or a grammar nazi, but would it hurt to use plurals?
 
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