Seattle Opera
09.30.2016
In 2014, Heartland was engaged by the Seattle Opera to assist with the consolidation of their multi-location operations into a permanent home that would act as a catalyst for several public-private partnerships at the Seattle Center, ultimately driving value and vibrancy to the heart of the arts and entertainment corridor of the City. Heartland assessed the Opera’s owned and leased real estate portfolio through a market, regulatory, physical, financial and legal lens. Heartland then assisted the Opera’s Board and Senior Leadership team with an alternatives analysis to arrive at a strategy that would both satisfy the Opera’s programmatic and operational objectives, but also optimize asset values, direct or indirect financial contributions to the project as well as minimize risk. Heartland, along with the full project team, worked successfully with a broad range of public and private groups to build needed support, including Seattle City Council and King County for financial support. Most recently, Heartland assisted the Opera in monetizing one of its key assets in the Uptown neighborhood in support of the completion of the $60M, 105,000 square-foot Seattle Opera At The Center permanent home.
In 2018, Heartland was engaged by the Seattle Opera to analyze alternatives for their scene shop facility in the City of Renton, following the decision by the Opera that it was not cost effective to continue to staff a dedicated scene shop crew and pay for the upkeep of the facility. Heartland assisted the Opera’s Board and Senior Leadership team with an alternatives analysis to arrive at a strategy that aligned with the Opera’s financial objectives. Following this analysis, the decision was made to sell the facility, and Heartland assisted the Opera in executing this transaction in August, 2019.
