**UPDATE – Bidding is now up to $16,000,000 and the bidding date has been extended to tomorrow. **
Take a look at this site. It is the Federal Reserve located at 2nd and Madison and has been vacant since 2008. It is a 65 year old that is being auctioned off as we speak. The current bid is $14,100,000.
It could be Downtown Seattle’s first public school – if not, we could see a developer using the existing structure to build one of the city’s next high-rise buildings. It was recently given a historical designation making impossible to be torn down. Just recently, in November the Seattle School Board voted down a proposal to convert the project to an elementary school. Back in January, the Seattle Times reported that the school would be bidding on the project and would levy for funds to remodel the project in 2016.
The building behind this structure is Madison Tower/Hotel 1000. Most owners we speak with would obviously be in favor of a school versus a high-rise project that would impede views and limit privacy. We’ll have to see how it all shakes out. At this point, with 21 hours left of bidding, their are 8 bidders and the price of the property could go much higher. Stay tuned for more details.
The current height limit in this area of downtown is 400sf – Zoning Code DMC 240/290-400.
This area is considered the West Edge. Use our map below to identify 2nd and Madison. It sits directly East of Madison Tower.