Address: 66 Bell Street, Seattle, Washington

Type: Residential

Architect: Greg Oaksen

Completion: 1988

Property:

• Vacant 28,000-square-foot, three-floor warehouse, purchased out of bankruptcy
• Two blocks from Seattle’s Pike Place Market, with water views

Objective:
To generate income from the building until the Belltown neighborhood was ready for the development of marketable condominiums.

Project:
Working with the arts and crafts community, we added electricity, bathrooms, and minimal improvements to the existing building to create six rental live/work studios on each of the three floors. A 10-year waiver from Fire and Life Safety Code requirements, which was granted by Seattle’s Department of Construction and Land Use, allowed us to accommodate the arts community for a decade, while generating income until Belltown was ready to grow. (See Belltown Lofts for phase 2 of the project).

Funding:
Private capital, family trusts, Washington Mutual Bank

Return on Investmen:t
Approximately 12 percent, plus tax benefits