Here's something you don't see every day: Seattle mall owners to give United Way $10+ million from sale of the property

Image of Pacific Place, a shopping mall created inside a former historic office building in Seattle, from Seattleite.

See "Pacific Place sale will bring millions to United Way: Local investors in the downtown mall will donate $10 million or more from its planned sale to the United Way of King County, says Pine Street Development’s Matt Griffin" in the Seattle Times. From the article:

United Way officials say it’s the first time they’ve received a donation directly linked to a sale of commercial real estate.

Pine Street Development put Pacific Place up for sale earlier this year. Griffin said he expect to sell Pacific Place within 60 days to a buyer whom he wouldn’t identify.

Some 15 local individuals or families own about half of Pacific Place, Griffin said. The investors include Starbucks CEO Howard Schultz and John McCaw, who made a fortune in cellular telecommunications.

A key element was having local ownership, people who are involved in civic affairs and at least willing to consider such a suggestion.

Another way to do this would be to have a transaction tax on commercial real estate sales, say 1%, that could go into a fund for civic, social, and cultural infrastructure projects.

I can't remember where it is, but one new urbanist planned development does this, although that particular transaction fee supports the programs of one particular organization, an institute set up in the community. But it's an interesting example.