Another Seattle Public Schools property sale plan in West Seattle

We’ve been reporting extensively on the deal in the works for the long-closed Fauntleroy Schoolhouse to be sold to the Fauntleroy Community Services Agency (latest WSB coverage here). However, there’s also apparently also a deal in the works to sell another West Seattle site from the district portfolio: The deal would sell the Seattle Public Schools-owned Jefferson Square Apartments land to the company that’s been leasing it, Pan Pacific Retail Properties (Jefferson Square was a school site long ago). According to a published legal notice (thanks to the tipster who called it to our attention), “The district is currently negotiating to sell the property to the lessee.” A public hearing – for which no media release has been issued – is set for 5:30 pm May 21st in the cafeteria at Gatewood Elementary and anyone interested in testifying is invited to sign up by calling 206-252-0118 (or you can sign up at the hearing). We have a call out to the district to find out more about the proposed deal.

4:53 PM UPDATE: Still working on details. Just talked to West Seattle School Board rep Steve Sundquist, who says the sale proposal has been discussed by board members in “executive session” but he can’t say anything publicly yet, though he expects something will be announced in time for attendees at the public hearing to have an idea in advance what they’ll be commenting on.

Sage April 27, 2009 (4:18 pm)

Given the state of the real estate market, is this really a good time for the school district to be doing a property deal? Turning surplus properties over to the community is one thing; selling an urban mall in a depressed real estate market to a single bidder is a different matter entirely.

Mark April 27, 2009 (4:48 pm)

Good thought, Sage, and my initial reaction as well. I had heard some whisperings that multiple parties were interested in that site over a year ago, and probably would have spent a substantial sum on it. We’ll see what happens with this…

HomeOnBeachDrive April 27, 2009 (6:05 pm)

I’d want to know the actual financials before criticizing it. How much is the lease? Does it make money or cost money for the district? Maybe the district wants to simply be out of the real estate shopping mall business and focus on education and school properties instead. Who knows. ALL just guesses unless we know the final figures.

BUT…I want to get this in now. JUST like I said the Hurling Brothers property would be turned into condos as soon as the follow up business was “failed”. If this is sold, expect a 6 story mixed use (larger) re-development on this site in 4 or 5 years (when the market picks back up). ;-)

WSB April 27, 2009 (6:14 pm)

That is what I am working to find out.

LyndaB April 27, 2009 (6:55 pm)

wow, i didn’t know the history behind jefferson square. that’s very interesting.

Alvis April 27, 2009 (7:53 pm)

Not sure how or if this might be researched, but I seem to recall that Jefferson Square was proposed and constructed under a very strict legal understanding that, even though the former Jefferson Elementary block of real estate was to be developed under a virtually permanent (90-year?) lease, it could never be sold outright for any commercial or private use divorced from public education.

nunya April 27, 2009 (8:25 pm)

I think the owners of the apartment building have had the option to purchase the land for a very, very cheap price. This was negotiated when the project was built. At the time it was the best deal they could make and the only way to realize anything. I think this was much like the purchase of Queen Anne high school. If the apartment owners had owned the land, it probably would have been a condo conversion. The details, when released again should get everyone in an uproar.