Showbox Sold To Arena Hopeful

A venture capitalist with roots in Seattle has purchased a 1,700-capacity club that sits in the footprint of what could one day become a new arena development in the city.

Investor Chris Hansen’s WSA Properties group recently purchased the Showbox SoDo for $8 million, according to the Seattle Post Intelligencer.

The Showbox was one of the last pieces of land Hansen’s group needed to acquire for the $500 million arena project, which proponents hope will help lure NBA and NHL teams to the region. The city lost its SuperSonics basketball team in 2007 when it moved to Oklahoma City.

However, news of the sale spurred concerns that the venue, which is owned by AEG, would be shutting its doors.
AEG quickly snuffed the rumors.

“Showbox Sodo is in business with a lease at least until 2017, and we have an option to extend for five years beyond that,” AEG VP Alex Kochan told the Puget Sound Business Journal.

It’s possible the arena development may include an entertainment district that could leave the venue intact, sources reportedly close to Hansen told the Business Journal.

Hansen’s group has yet to release design plans for the project, which would include $290 million in private investment with public financing capped at $200 million.

The Seattle City Council was scheduled to meet with Hansen after Labor Day to review amendments to a current memorandum of understanding with Mayor Mike McGinn, the PI reported.