Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEATTLE-Taller buildings could be built in the Denny Triangle neighborhood as a result of a land preservation deal near Carnation.

King County has set aside the 443-acre Ames Lake Forest through the county’s transfer of development rights program. King County acquired all the development rights on the property and a permanent conservation easement with $2.8 million in dedicated funding.

The development rights are being held in the TDR Bank for resale to landowners inside Seattle’s Denny Triangle neighborhood or the urban area. Under the terms of the transaction, the land will remain in forestry forever and be operated by the landowner Port Blakely.

The King County TDR Program, started in October 1998, has permanently preserved more than 1,200 acres throughout the county with an additional 1,000 acres qualified in the Program. City officials say the program’s goal is to allow the public to gain permanent protection for ecologically sensitive lands at no cost to the taxpayer, while preserving economic gains for the landowner through development in urban areas.

Mark Sollitto, TDR program manager, says the value of land is based on market demand and residential conditions in the area. In the case of the Denny neighborhood agreement, Sollitto anticipates the development rights allowing for higher structures would be worth about $25,000 to $30,000 apiece.

“There has not been a transaction yet, but we expect one in the next 12 to 18 months,” Sollitto says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.