There’s been a lot of talk about the potential Smith Tower conversion. For those who are not familiar, the Smith Tower is probably one of the most historic buildings in Seattle and one of the first skyscrapers in the world.
Thus far, the tower has been used for offices but there’s intriguing discussion about the owner of the building, Walton Street Capital, exploring a "residential use for Smith Tower." Given the difference in layout, plumbing, heating, etc. between office space and condominium units, seems like a pretty major effort. On the other hand, the history, views, and location will be quite a unique combination.
(Update 03/30/08-There are plans to convert only the top 12 floors (from 22-33) to condominiums with one unit per floor, roughly 2,000 sq ft each. Floors 2 through 21 would remain office space. Read more here.)
Some good info for those interested:
Detailed article about the potential conversion
Pictures of Top of the Tower existing residential unit (currently the only residence in the tower and previously, a 10,000 gallon water tank).
Fun facts about Smith Tower construction
Short article on potential conversion
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I recently showed my brother, an out of town investor, the site for Stadium Lofts. Even though he understood Pioneer Square could eventually become the next Belltown in terms of appreciation, he expressed a strong preference for purchasing in Belltown – looking to it as a more blue chip neighborhood to park his money for the long term. I suspect this hesitation over betting on Pioneer Square at this stage in its redevelopment might impact demand for places like Smith Tower as well.