Oh, poor Eitel Building. You just can't catch a break, can you? Located at 1501 Second Avenue, the Seattle Landmark has had so many start and stops in its quest to be something once again, it's getting a little silly. Plans to incorporate it into a 22-story mixed-use tower went nowhere. Plans for an 80-room hotel were scrapped back in 2012. Now, Urban Visions's vision to turn it into a mixed-use haven with a rooftop restaurant are no more.
UV's owner Greg Smith told PSBJ that his deal to buy the seven-story building fell through, citing the costs involved with retrofitting the 110-year-old Eitel, which would otherwise be in serious danger of collapsing during renovation. It's a sentiment echoed by the previous potential suitor, who also balked at the overall cost involved.
And so, Eitel is back on the market for $4.95M. Who's next?
· Another real estate developer strikes out at Second and Pike [PSBJ]
· Plans To Turn Eitel Building Into Boutique Hotel Scrapped [Curbed Seattle]
· Urban Visions Has Big Plans For Seattle's Historic Eitel Building [Curbed Seattle]