On the assumption that the monorail board doesn’t find a way to revive it’s dying patient, the Puget Sound Business Journal had an interesting article on what might happen with the 34 properties that the Seattle Monorail Project (SMP) has already purchased. They mention that some of the properties, like the 7-11 store in Ballard, could fetch a quite a lot of money on the open market. I was surprised to find that through the process of eminent domain, the SMP could only offer the “appraised value” for the properties they bought. I (wrongly) assumed that the SMP was giving property owners some type of premium (on top of “relocations costs”).
I have no numbers to back this up whatsoever, but wouldn’t be ironic if the Seattle Monorail Project was able to close up shop having made a profit from all the properties that they bought at appraised values?