To add to my 2nd Avenue post yesterday, Kauri Investments just sold the historic Alaska Building to Henry Liebman’s American Life for $38.7M just 2 years after purchasing the building for $8.5M!
The original plans were to convert the property into a mixed-use residential project with 100 apartment units (built to condo standards) on the upper floors, have 4 floors of office space and retail at street level. The hopes were to convert the residential units to condos but under regulatory guidelines for the federal tax credits used to pay for the restoration, financial penalties would be applied if the conversion occurred within five years of the purchase date.
The change in heart has caused a bit of commotion! Now it looks like Liebman (owner of more than 40 acres in SODO) will be converting the Alaska Building into a 236-unit Marriott Hotel with 29 residential units.
The Alaska Building was built in 1904 on the southeast corner of 2nd Ave & Cherry St and was once the tallest building in Seattle- 15 floors! Click here to read VintageSeattle.orgs historic profile.