This has been going on for a couple months now, but it seems that the rumors surrounding the proposal needed to be put to rest by Vulcan representatives.
Vulcan wants to build three residential high-rise towers near the south shore of Lake Union within the “Mercer blocks” up to 240′ — 125′ is the current zoning.
In exchange, the city would get Block 59 which is between Aurora and Dexter AND Broad and Republican. With Block 59, the city plans on building low-to-market rate housing and office space for non-profits. As Vulcan developed the residential towers on the “Mercer blocks” they would then pay the city $3.25 million so that the city could proceed with pre-development work on Block 59.
Apparently there were a few rumors that Vulcan would be paying $10 million cash upfront and conveying the land…click here to read more!