Quantcast
Regional News

Seattle May Sell Garage

Seattle is weighing a proposal to sell a downtown mall parking garage that has been losing money.

The city still owes $59 million on bonds it issued to build the Pacific Place garage, according to the Seattle Times newspaper.

The City Council’s finance committee is evaluating a proposal to sell the property for $55 million to the mall’s owners, Pine Street Group, the Times reported.

The newspaper said the city loaned the garage $4 million from its general fund to cover operations over the past two years. The Times said the garage cost $50 million to build.

Seattle also spent $73 million to help redevelop the three-block area downtown served by the mall and the garage, the newspaper said.

JOIN THE DISCUSSION

SEE MORE IN

RELATED TAGS

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Upcoming Events

Already a subscriber? Log in here
Please note you must now log in with your email address and password.