Amazon’s SLU Sale Is the Largest in the US for 2012

The mammoth $1.16 Billion Amazon sale of their South Lake Union headquarter went through last week, and was officially dubbed the largest commercial office sale of 2012, according to the Puget Sound Business Journal. The stats are tracked by New York research firm Real Capital Analytics, and the Amazon transaction was recently ranked as the 27th largest commercial office sale in US history. According to the Puget Sound Business Journal, Amazon had plenty of incentive to close the deal prior to the new year; Amazon made a $51 million deposit that the company would forfeit if the transaction did not close this quarter. amazon

The sale certainly blows other substantial commercial transactions out of the park, with the next largest deal estimated at $868.6 million being a 1.2 million-square-foot building in San Francisco. The question still hangs in the air as to where all of the Amazonians will live around SLU once the expansion is full installed? Is there enough condos and rentals available in the neighborhood, or will it become overbuilt with highrises in upcoming years?

Rezoning Plan Released For SLU

Monday evening, Seattle officials released their plans for rezoning in the South lake Union area, with the anticipation for the influx of residents and workers coming to the area. The plan estimated 12,000 people moving to the neighborhood with over 22,000 jobs over the next ten years provided by amazon and other local companies.

The proposal includes an array of requirements listed below but not limited to:

  • Increasing the current building height restrictions
  • Preserving the current Cascade Neighborhood (one of the oldest in Seattle) and creating a new residential community along 8th Ave North of Denny Park
  • Establishing new development standards to ensure new towers are spaced to preserve public views through the neighborhood
  • Strengthening incentives to preserve landmark properties and existing open spaces
  • Creating a new incentive to build a new public school to serve the city center

For an extensive overview of the South lake Union rezoning proposal, and incite from Mayor Mike McGinn visit Seattle.gov.