In one year, according to the King County Department of Assessments, The Seattle Times' South Lake Union properties and headquarters have leaped in value. A plot the Times owns on 307 Fairview Avenue jumped in value from $3,768,000 in 2000 to $5,181,600 in 2001. Another Times lot on 410 Minor Avenue jumped from $4,969,800 to $6,626,500. In total, the Times' 12 acres have increased 19.6 percent in value since last year. If Blethen moved and sold the property, he could make a ton of money to help the paper recover from the strike.
Liz Brown of the Pacific Northwest Newspaper Guild estimates the Times might have lost close to $35 million in revenues from the strike. Times President Mason Sizemore disputes Brown's figure, but admits losses have been "in the millions." Revenues are expected to drop at least 5 to 10% in 2001. Circulation is definitely down. The Audit Bureau of Circulation reports that The Seattle Times' Sunday circulation dropped from 500,916 in March 2000 to 482,978 in March 2001.
Good thing Blethen's property values have skyrocketed. Paul Allen and his company Vulcan Northwest have been gobbling up most of the real estate in South Lake Union, almost 45 acres so far, and paying top dollar for it. (For example, Allen just paid the city $20.8 million for 4.7 acres.) This has driven the price for the surrounding real estate way up, according to Bob Rosenberger, a 17-year King County assessor veteran. "When Paul Allen buys property in an area, he creates the market value," says Rosenberger. "He is definitely the major force in Lake Union right now." If Blethen is thinking of selling some property, now is a good time to do it, while Allen is still on a real estate (and some argue cultural) shopping spree. "There are no plans to sell at this time," says Sizemore.
