This morning, the Times reported that Seattle’s very first skyscraper (once the tallest this side of the Mississippi) will be going to auction. Built in 1914, this iconic building has 42 floors and is only 30% occupied.
Chicago-based Walton Street Capital purchased the building in 2006 (loans totaling $42.5M) and just recently the King County tax assessment value on the building was $21.3M!
Perhaps it is time for a condominium conversion in the near future? Back in late 2007 and early 2008 Walton Street Capital proposed turning the tower into 150 condos and then later it was reduced to 12 (which apparently didn’t happen). Currently there is a residence on the top floor of the building.
The Downtown Seattle Association believes that the future of the Smith Tower is key to the revitalization to Pioneer Square…which I agree completely!
Click here to read more!