Fifteen Twenty-One Second Avenue Condominium owners, as well as potential buyers looking at buying in this building, finally have some peace of mind about the future of the southern views from this high end luxury condo tower. The famous but dilapidated Eitel Building, located right near the Pike Place Market in the heart of the Market District, is the southern neighbor to 1521 and has been a long time concern of some who have tried to sell their SE corner units, as well as those who have considered buying.
It appears that after many years of several different developers going in and out of purchase contracts on the old building at the corner of 2nd Ave and Pike Street, that a developer has purchased the building. According to Marc Stiles of the PSBJ, Lake Union Partners is the buyer and they have announced that they will turn it into a Hotel with a street-level bar and restaurant. This is awesome news, and I’m so excited to finally see something great being done with this building.
Aside from personal delight, this might be some much celebrated relief for the condo owners of the SE corner unit of the 1521 Second Avenue condos as well as might also present some opportunity for those owners who have been considering selling, or buyers who might have also been considering the building but the ‘unknowns’ about what could be built might have caused some hesitation. While most folks in the know have known all along that the likelihood of a taller building every being built on the site was all but a remote possibility, this will help close that door, and open a new door for something great on the corner of Pike and 2nd Ave.
It is not yet known when the refurbishment will begin, but a big congrats to 1521!
By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.