The Professional Basketball Club, the locally based ownership group led by Clay Bennett, has agreed in principle to purchase 21.2 acres of land in Renton, Wash., as a site for an arena that would house the NBA's Seattle SuperSonics and the WNBA's Seattle Storm professional basketball teams.
The Professional Basketball Club announced Monday it entered into a joint venture between Transwestern Investment Co. and Harvest Partners for the land, which is currently owned by Boeing. Harvest Partners is developing The Landing, which will be a residential, retail and entertainment area. Harvest has first right of refusal to buy the land but the Sonics and the developer agreed that PBC would acquire the rights.
PBC is hoping for a new $500 million arena that would replace KeyArena in Seattle. Bennett's group has requested about $300 million in tax help, and the issue is currently being discussed in the Washington Legislature.
"We (PBC and Harvest) both see excellent potential for The Landing and the new events center and believe that together they would provide even greater economic, cultural and other benefits to the city of Renton, the region and the state," said Clay Bennett, PBC chairman. …