Condo owners support sale to Children's Hospital for expansion

Residents of a Laurelhurst condominium complex overwhelmingly supported selling their homes to Children's Hospital and Regional Medical Center in an unofficial vote Tuesday.

The board of the 136-unit Laurelon Terrace condominiums, along Sand Point Way, presented a tentative deal last Thursday to sell the six-acre complex to the hospital for $93 million. The deal would work out to about 2.8 times the value of each unit.

In Tuesday's vote, 120 residents voted in favor of the deal, three voted against it, one abstained and 12 did not vote.

"I am delighted at the enormous vote of confidence that the Laurelon owners have given this exciting opportunity," Laurelon board member Bill Hutchinson said in a statement.

Children's Hospital has been buying individual units with an eye toward using the site for future expansion. The new deal would let the hospital expand onto the site sooner.

Thursday's vote was a straw poll, used to gauge owner support for the deal. An official vote depends on the state Legislature approving a measure that would let the complex sell itself with 80-percent owner approval.

The state changed this requirement from 100 percent to 80 percent in 1990 but did not apply it retroactively to existing complexes such as Laurelon. At the Laurelon board's request, the House already passed a measure applying the lower requirement to all complexes, and the Senate is now considering the bill.

Peter Buck, a Seattle lawyer representing Laurelon, said that, in light of the vote, the condominium board would put together a final deal, which he expected to go to owners for a formal vote in early summer.