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April 4, 2017
The Samis Foundation has leased the Gatewood Hotel property to Lighthouse Investments, clearing the path to put a boutique hotel at 107 Pine St. The $2.49 million ground-lease agreement runs for 75 years, with a 25-year option to extend.
The agreement also includes a right to purchase the century-old former SRO hotel.
Los Angeles-based Lighthouse has filed plans to convert the vacant Gatewood, most recently occupied by Plymouth Housing Group, into a 96-room hotel. The four-story hotel would occupy a prime corner on First Avenue, facing the Pike Place Market.
Built in 1900 and expanded in 1911, the Gatewood is currently being considered by the Seattle Landmarks Preservation Board, which will vote on the nomination on April 19.
The Gatewood, which has about 50,500 square feet, has a well-preserved exterior. The building received a seismic upgrade in the early 1990s.
Possible landmark designation is unlikely to change Lighthouse's plans for a hotel, as evidenced by the recent lease agreement.
Gensler is the architect for the hotel restoration, which will reconfigure 7,600 square feet of retail space, and the lobby facing Pine. Some of the retail spaces are currently vacant.
The old SRO room count of 99 will be reduced to 96. New storefront canopies will be added and the exterior masonry and facade will also be cleaned and restored, according to plans filed with the city.
The Gatewood is outside the Pike Place Historical District. However, a land use permit requires consideration by the landmarks preservation board.
Samis acquired the Gatewood as part of the Sam Israel property portfolio, which today supports Jewish education. Israel purchased the Gatewood, previously known as the Colonnade, in 1975.
Brian Miller can be
reached by email at brian.miller@djc.com or by phone at (206) 219-6517.