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SEATTLE-The Seattle Public Library is buying a Wells Fargo Bank property in Beacon Hill for a new library location.

The two have reportedly reached an agreement wherein the library will pay $1.2 million for the property. The purchase is contingent on Wells Fargo confirming arrangements for another site in the same area to relocate its banking branch. The library’s board will consider the purchase on Sept. 26.

If the deal is approved, the Seattle Public Library will demolish the structure and build a new library at 2821 Beacon Ave. S. The current library on Beacon Hill is in a converted, 3,200-square-foot retail store.

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