January 9, 2008
In response to the potential sale of the Storm and Sonics to Oklahoma City, a group of
Seattle women acted to save their favorite team. They formed an LLC called Force 10 Hoops, raised $10 million, and now have the exclusive option to buy the Seattle Storm. It looks like the Sonics/Storm family has been divided.
In November Seattleites voted against (yet) another stadium. Oklahoma City residents will have their day at the polls on March 4, when they decide whether to approve funds to claim the Sonics. Okie basketball fans had a taste of NBA fever for three years while the New Orleans Hornets waited for their arena–and New Orleans fan base–to rebuild after Hurricane Katrina.
Still in dispute is the lease the Sonics have with Key Arena, through 2010. Because the agreement was struck in return for a rebuild on the Key Arena, The City of Seattle has decided not to let the Sonics out of their agreement. The matter is now in the courts–of law, that is.
The conventional wisdom is that sports arenas bring sports fans, who bring money to the city. This wisdom has been solidly challenged by economists. Seattleites are still paying for Safeco and Qwest Fields every time they eat out, stay at a hotel, or rent a car in town. November’s vote was clear: no more stadium spending for the moment, thanks. (Then again, that didn’t work at Safeco.)
Many of the arguments that dispute the economic benefit of sports arenas and teams do not apply in the case of the Storm sale. The Storm will not get a new stadium, but remain in the Key Arena. The substitution effect says that in larger cities people spend money on sports events that they would have spent on entertainment in the same city anyway, resulting in no net gain. But the WNBA has a primarily female fan base, and it’s not as obvious where this new market would have spent its money otherwise.
I didn’t vote for the Key Arena revival, but I’m not unhappy that the Storm is staying. It’s likely that the economic impact of the Sonics leaving (if there is one) will offset any benefit we might see if the Storm stays, so it’s not a big local economy argument. But it’s kind of heartwarming to see people fight for a women’s team.
What will be the impact on Seattle if the Sonics do leave? Will it be a loss of revenue, a loss of Seattle spirit, or merely a loss of one factor in Seattle traffic woes? Will the Storm’s presence make Sonics fans bitter, or is there any chance the fans will be absorbed by women’s basketball?
December 11, 2007
My wife works in South Lake Union, and we argue about the Streetcar, which will hold its grand opening tomorrow.
Me: “It’s another over budget, dead-end piece of public transportation that serves very few people. Couldn’t the money be better used to expand an integrated system?”
Her: “But I like the Streetcar.”
Today’s Seattle Times highlights the rapid expansion of South Lake Union:
With South Lake Union’s location in the geographic center of Seattle, quick access to Interstate 5, Highway 99 and downtown, its redevelopment has been considered inevitable. But it took Vulcan, which assembled 60 acres stretching from Lake Union to Denny Way, to make it happen at warp speed.
“What happened is pretty much what everybody expected, but it’s occurred in five years instead of 50,” said Mike Foley, who was a neighborhood activist and sometime Vulcan critic until the company bought his property for $21 million in 2003.
But not everyone is happy about a multi-million dollar discount currently on the table for Vulcan. Paul Allen’s development company wants to put up a few buildings that exceed current height restrictions. The Mayor has proposed a discount for Vulcan that would save the company $2.6 million — money that would have gone toward developing affordable housing in the area.
Says Councilmember Steinbrueck, also in the Times article, “I’m not prepared to carve out a special exception for one property owner.”
Is South Lake Union and/or Vulcan getting special treatment? Am I bringing up ancient history to recall the stadium wars?
Other folks are up in arms about the Mayor’s latest budget allocations, which heavily favor South Lake Union. [via] Commenting on the proposed budget, The Beacon Hill News reported last month:
A search of the new budget and capital improvement plan found SLU mentioned 67 times. At least 20 major capital projects for SLU are referenced, with expenditures from 2008 through 2013 in excess of $500 million. By contrast Beacon Hill, an area five times the size of SLU, is mentioned 12 times, with expenditures of $10 million for the same five-year period.
Meanwhile, you can’t stop a moving train. Tomorrow’s opening day will be celebrated with parties along the Streetcar route.
August 7, 2007
Tonight is the annual Seattle Police Department Seattle Night Out.
Seattle Night Out is billed as a crime prevention event, but it is more of an opportunity to meet new neighbors and catch up on the neighborhood gossip. For you real estate buffs out there, this is the place to get the inside scoop on what is about to come on the market, why stuff is sitting on the market and why stuff sold for what it did.
What is really interesting is how this event brings about a sense of micro community. In my hood, Phinney Ridge, there is a block party just about every other street. For this one evening a year there is this sense of block rivalry–we have the best food, the best people, the best houses, the best location… It would be fun to have follow up event to settle the score of which block is really the best. Perhaps a hot dog eating contest or bocce tournament?
If your block is having a party you should find a way to peel yourself away from your computer and catch up with your neighbors and plot ways to take a bite out of crime. If your block isn’t having one, wander a few blocks and I am sure you will find one.
June 29, 2007
In a city where waterfront property easily tops the $1000 Sq. Ft. range, these 1 bedroom, 1 bath Belltown condominiums on Alaskan Way offer good bang for your buck.
2000 Alaskan Way #345
$459,900
1/1
931 Sq. Ft.
$493/Sq. Ft.
MLS#27103687
1900 Alaskan Way #201
Seattle, WA 98101
$419,000
1/1
857 Sq. Ft.
$489/Sq. Ft.
MLS#27037480
1950 Alaskan Way #321
Seattle, WA 98101
$450,000
1/1
842 SQ. Ft.
$534/Sq. Ft.
MLS# 27110888
