Address: 605 First Avenue South, Seattle, Washington

Type: Mixed-use commercial

Architect: Olson/Walker Architects

Completion: 1986

Property:

• Abandoned, deteriorating 50,000-square-foot masonry building in historic Pioneer Square, built in 1890 and altered in 1916
• One of four major buildings in the historic district targeted by the city for renovation

Objective:
To meet historic preservation standards, while revitalizing the building with cutting-edge seismic technology at the gateway to historic Pioneer Square.

Project:
We gutted and renovated the building to create 48,000 square feet of commercial space for offices, retail shops, and restaurants. Highlights include:

• State-of-the-art seismic and infrastructure technologies, including the first application of an earthquake seismic system designed to accommodate the inherent movement of old masonry structures.

Funding:

• $950,000 Urban Development Action Grant (UDAG)
• $2.2 million from private investors, who immediately benefited from the $1.2 million historic preservation tax credit that resulted in the building’s placement on the local and national Historic Registers.
• Gateway Savings & Loan

Cost:
Approximately $5.6 million

Return on investment:
Following the collapse of the savings & loan industry in 1989, the project was reorganized by the Urban Fund and, today, generates an approximate 14 percent return on investment

Honors:
Urban Land Institute, Historic Renovation of the Year, 1986