Lake Union Partners acquired the mostly vacant Eitel Building at Second Avenue and Pike Street for over $5M.
The company plans to convert the property into a hotel with ground-level restaurant space, which would be its first hotel development. The seven-story Eitel, built in 1904, is a landmark, but is in poor shape, including damage from the 2001 Nisqually earthquake, reports the Puget Sound Business Journal.
Construction might start as soon as next summer, and finish in 2018. [PSBJ]
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