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SEATTLE-The purchase of 60 acres at the south end of Lake Washington didn’t work out for Paul Allen, but after spending an estimated $100 million he’s now up to 50 acres at the south end of Lake Union.

Allen, who has been looking to huddle his myriad companies in one area for several years now, appears close to acquiring a 1.7-acre parcel southeast of the intersection of Mercer Street and Terry Avenue North that would give him several blocks of contiguous property in the district and bring his total ownership in the area to nearly 50 acres.

Operating as City Investors XVI LLC, Allen’s Vulcan Inc. has reached a preliminary agreement to buy the property, according to a public memorandum filed Wednesday with the King County Recorder’s office, which did not include the acquisition price. The would-be seller is listed as High-West LLC.

According to Vulcan’s Web site, Allen’s ownership in South Lake Union would be developed into waterfront parks, restaurants, housing and offices, all connected to Downtown Seattle by a streetcar.

Allen projects already announced include: Interurban Exchange, a four-building office and biotechnology complex being developed in partnership with Schnitzer Northwest; 2200 Westlake, an office residential and retail project in partnership with Milliken Development Corp; 307 Westlake, a five-story biomedical building, and; a multifamily residential project to be developed with Harbor Properties.

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