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.
Subscribe to Connect Daily Seattle
For comments, questions or concerns, please contact Dennis Kaiser
Tags: Acquisition, Development, Healthcare, Land, Office
Submit a Press Release
Get Connect Daily
Connect Conferences