$25 million purchase: Sonics arena backer Hansen buys another Sodo lot Hedge fund manager continues stockpiling land for proposed arena

Seattle's arena plan Seattle approved a nonbinding arena-financing plan in October after months of negotiation and examination. The project calls for a $490 million arena partially funded by up to $200 million in public money from selling bonds backed by revenue from existing taxes on the arena itself. Chris Hansen's group plans to pay the rest, plus cost overruns, plus renovations to KeyArena as an interim NBA home while the new arena is built.

less Seattle's arena plan Seattle approved a nonbinding arena-financing plan in October after months of negotiation and examination. The project calls for a $490 million arena partially funded by up to $200 million ... more Image 1 of / 12 Caption Close $25 million purchase: Sonics arena backer Hansen buys another Sodo lot 1 / 12 Back to Gallery

Is a new basketball arena in the offing?

It sure seems like it must be, at least if Chris Hansen's interest in Sodo property near a proposed site is any measure.

Records filed Tuesday with King County show that WSA Properties, a company held by Hansen, paid $25 million for another lot in Sodo, along First Avenue South just south of Safeco Field.

The property was assessed at $8.8 million, according to county records.

Hansen's company bought another, four-acre chunk of land in Sodo last month, shelling out $32 million for a $12 million property in that deal.

Tuesday's deal puts Hansen's total Sodo property investments north of $120 million.

Hansen’s plans to build a new basketball and hockey arena were stalled in May, when the Seattle City Council voted against vacating Occidental Avenue South during what would be construction of the $500 million project.

Federal funding for the Lander Street bridge could shake that up, however, as the overpass would loosen up freight traffic in the area, a major reason the street vacation was voted down. The city won $45 million in grant funding last month for the project.

A new arena is a prerequisite for getting a new NBA franchise in Seattle. But even if Hansen manages to secure enough land and could privately fund an arena (thus circumventing city funding hurdles), that still wouldn't guarantee a new Sonics basketball team.

The NBA could still decline to allow a new franchise in Seattle.

A new NHL team might be more likely, but with no clear path to a new arena yet, even that appears iffy. Complicating that matter is the franchise fee recently demanded by the NHL upon granting an expansion franchise to Las Vegas -- $500 million.

BACKGROUND: Environmental report clears way for Chris Hansen's NBA, NHL arena in Seattle's Sodo neighborhood

Daniel DeMay covers Seattle culture, business and transportation for seattlepi.com. He can be reached at 206-448-8362 or danieldemay@seattlepi.com. Follow him on Twitter: @Daniel_DeMay.

