August 8, 2019
Pasadena, CA-based life sciences developer Alexandria Real Estate Equities, Inc. is negotiating to buy Seattle’s Mercer Mega Block for $143.5 million. The City of Seattle owns the three parcels in South Lake Union near Amazon’s headquarters.
Alexandria reportedly submitted the leading offer for the 2.86-acre property, and negotiated a MOU for development of the property. Alexandria envisions building a mixed-use health-science campus. The Mega Block has the capacity to accommodate more than 1,300 apartments or one million square feet of commercial space.
The site would also include a 30,000-square-foot public community center, protected bike lane extensions and 175 affordable-housing units. Alexandria is considering building 190 additional market-rate units. Once final city reviews and approvals are in place, the project could commence construction by 2021.
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