Blog Articles

All the latest news articles and market trends of the Seattle Real Estate Market. If it is happening in Seattle it is happening on the Stroupe Group.

Renovations Set to Start at the Eitel Building Downtown

When the Eitel Building changed hands in 2015, Downtown residents rejoiced. The property, located at 1501 Second Avenue, has been neglected for decades. Located in the same neighborhood as great condominium buildings such as Fifteen Twenty-One and the Newmark, the Eitel Building has stood (mostly) empty and underutilized for decades. Originally built in 1904, by Fred Eitel, the structure originally housed medical offices. While the top floors have been vacant since the 1970s, the ground level has been home to a variety of businesses, such as a a Teriyaki restaurant and a wig store. The former owner, Richard Nimmer, owned the property since 1975 and attempted to redevelop it several times.

Eitel Building – Courtesy of Google Maps

The building’s new owner, Lake Union Partners, plans on renovating the building and repurposing it into a 90-room hotel with a restaurant on the ground floor, per an article in the Daily Journal of Commerce. The company purchased the building for $5.35 million. While the number might seem low given the buildings prime location on the corner of Pike Street and 2nd Avenue, the company must conduct thorough renovations to building the structure up to code. Per the article, the interior will be gutted, windows replaced and seismic upgrades added. In addition, Lake Union Partners is planning on adding an eight-floor, which would allow for guest rooms with attached balconies as well as rooftop bar. The purpose of the addition is to take advantage of the stunning views – the Eitel Building is located just a block from Pike Place Market, one of Seattle’s biggest attractions.

Lake Union Partners has experience repurposing older buildings. One of their recent projects is The Standard Building, which is adjacent to Madison Tower.

Per the Daily Journal of Commerce, the new hotel can be open as early as June of 2018. The Landmark Preservation Board will debate the proposed additions on March 1st. We will make sure to keep you updated on the project!

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