Seattle’s South Lake Union neighborhood is undergoing a radical transformation, driven largely by the arrival of technology companies such as Amazon.com. But now one of Seattle’s oldest businesses is cashing in on the redevelopment, hoping to use the new proceeds to re-invent its business for the digital era.
The Seattle Times announced today that it has sold a block at Fairview Avenue North and Denny Way, as well struck a deal to sell the block that held its longtime headquarters prior to a move to nearby building last year. Canadian developer Onni Group is paying a total of $62.5 million for the two parcels — an area that the newspaper has called home for nearly eight decades.
“Having owned most of this land for more than 80 years, the Blethen family is nostalgic about the sale, but pleased that a high-quality developer like Onni will add to our dynamic neighborhood,” said Seattle Times Publisher Frank Blethen in a statement. “The family will use the proceeds to invest in independent journalism and community service, as well as to complete The Seattle Times’ transformation into a multiplatform print and digital media company.”
The property sales come amid a continuing period of upheaval in the newspaper business. Earlier this year, the Times shifted to a paywall for its digital content. Founded in 1896, The Seattle Times attracts more than five million visitors per month to its online properties.