Pratt Fine Arts Center
09.03.2016
Heartland was initially engaged in 2001 by Pratt to provide an assessment of value for a three-block land portfolio being marketed for sale by Interstate Brands in the Central Area of the City of Seattle. Heartland completed a financial analysis of the parcels to estimate the value of the land from the perspective of a multi-family real estate developer, considered the most likely purchaser for the portfolio. Heartland then assisted Pratt in completing negotiations and due diligence associated with the acquisition of one of the three blocks from Lowe Enterprises.
In 2013, Pratt re-engaged Heartland to help create a concept for an arts-based community and then secure a private developer who shares the vision and has the capital and expertise to take it through the development process. The Heartland team generated several alternative configurations, analyzed the range of financial implications to Pratt and ultimately took the opportunity out to the market. The property is currently under contract and proceeding through permitting.
