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Wednesday, September 28, 2005

Downtown Property Owner Makes $70 Million Profit Thanks to Special Treatment from the Mayor

Posted by on September 28 at 8:57 AM

Harbor Steps, the luxury apt. complex in downtown Seattle between University and Seneca on 1st Ave., sold for a possible record $191.1 million a few days ago. That’s $70 million more than the assessed value. Why did Harbor Properties make such a killing? Hot real estate market, as the Seattle PI reports this morning?

Maybe. But there’s something the PI doesn’t mention. Here’s my theory: Nickels caved to Harbor Properties earlier this year by quietly taking the blocks around Harbor Steps off of the downtown rezoning plans. (Nickels famous downtown rezone would have raised nearby buildings and blocked views at Harbor Steps, but Harbor lobbied against that portion of the rezone.)

Nickels, supposedly committed to downtown heights, caved to a downtown property owner. Imagine.

p.s. to Dan: I spell fellate correctly in today’s paper. It’s in a story about Casey Corr and Mayor Nickels.