The State Hotel was the redevelopment of a building that had been vacant for multiple decades. It was originally constructed in 1904 as a medical office building. It is now a 4-star boutique hotel located right next to Pikes Place market. The redevelopment project was completed in 2019.
Total Development Costs:
~$40 million
Project Sources:
10% Federal Rehabilitation Tax Credits, City Grants / TIF, Traditional Equity Deferred Developer Fee, and Construction Loan
