Walton Street Capital filed papers with the citys Department of Plannin
g and Development yesterday (2/21/07) to begin the process of approval for converting the Smith Tower into condominiums. The Chicago- based firm acquired the tower and an adjacent property last year for $48 million and have proposed big plans for the 260,000 sq. ft, 38 story building. Due to the landmark status, permission must be obtained by the Pioneer Square Preservation Board and the citys Landmarks Board.
When interviewed by the Seattle Times, Michael Allmon, Walton Streets local operating partner stated that The proposed change is a way to ensure that the tower remains a vibrant part of downtown Seattle. He goes on to state that We want to embrace and enhance the historical fabric of the building.
If this conversion does indeed proceed, it will be a huge success following in the footsteps of The Cobb, The Seaboard Building, Queen Anne High School, and the new First Church in Capitol Hill.