Plans to build a sports arena in Bellevue on I-405 remain alive. Owners of the Bellevue land agreed more than two years ago to sell it to a developer that still hopes to lure investors to build a pro sports facility there for an NHL franchise.
Mason Cave, of IntraVest Development of Arizona, currently holds a deal to purchase the Bellevue real estate. According to a report in the Seattle Times, he said his company has been approached in the past year by multiple investor groups interested in the site. The land was bought by Doug Rosen and Paul Etsekson, for $8.4 million in August 2012 through a company called Dog Walk LLC. Soon after, IntraVest struck a deal with the duo, to eventually purchase the property for several times its current value should the land be rezoned.
IntraVest has been consulting with Bellevue officials to rezone the land, that now is home to an auto dealership.
“What we’ve told the city is that if the right opportunity comes along and it’s well funded, then we would listen to that opportunity,” Cave told The Seattle Times.
As a contingency, IntraVest revised their plans and now have a multiuse retail, office and residential project titled “Bellevue Park” planned. According to Cave, that project is up to two years away from breaking ground, leaving time for groups to come forward with an arena plan instead.
The biggest obstacle to the Bellevue plan,is that the builder would also have to buy two city-owned parcels just north of the IntraVest site and consolidate the properties into one 10-acre site big enough for an arena, parking and other amenities.
“The city has indicated they’re not necessarily hanging on to that for the long term,’’ Cave told the Seattle Times, regarding the two city properties. “They could potentially spin that land off.” Bellevue City Councilmember Conrad Lee said linking the three land parcels for an arena is something the city remains open to.
Cave has had discussions with at least two potential NHL ownership groups looking at his site in recent months. Talks remain ongoing with one of the groups.
But the initial steps needed to assemble the Bellevue land are a big reason why multiple groups are also now looking at the already consolidated 55 acres of Tukwila land just south of Boeing Field, owned by Seattle real-estate magnate and onetime Sonics minority owner, David Sabey.
