Cadillac Hotel Purchase Announcement

Historic Seattle Purchases Earthquake-Damaged Cadillac Hotel From Goodman Financial Services

Offical Announcement Held Thursday 2/28 on the Anniversary of the Nisqually Earthquake

Speakers included Seattle Mayor Greg Nickels; City of Seattle Council President Peter Steinbrueck; Kevin Daniels, Development Committee Chair, Historic Seattle; John Chaney, Executive Director, Historic Seattle; and George Petrie, Asset Manager, Goodman Financial Services

Resolution After Months of Discussion

Historic Seattle and Goodman Financial Services have reached agreement on the purchase and sale of the earthquake-
damaged Cadillac Hotel Building, located in Pioneer Square at Second Avenue and Jackson Street.

The building, constructed in the months following Seattle's Great Fire of 1889, was severely damaged during the Nisqually Earthquake on February 28, 2001. The fate of the building has been uncertain since then, and demolition plans had been underway because of questions surrounding the technical and financial feasibility of the project.

Since September of 2001, Historic Seattle and Goodman Financial Services have considered the possibility of a sale.

"The prospect of saving the Cadillac Hotel and contributing to the preservation and revitalization of Pioneer Square is very exciting," said Historic Seattle executive director John Chaney, "This is an excellent opportunity for all involved, and a great step forward."

Once renovated, future plans for the building include the ground floor and basement being the new home of the Klondike Gold Rush Museum, run by the National Parks Service. Additional office space will be leased on the upper two floors. Architectural designs are to be completed in February of 2003, with construction expected to begin in the summer.

In 2000, Goodman Financial Services purchased the Cadillac Hotel and four other historic buildings including the Dexter Horton Building, the 211 First Building, the Buttnick Building, the OK Hotel, and the City Loan Building.

"We believe in historic preservation and had planned on renovating this building until the earthquake made it financially infeasible," said George Petrie, asset manager for Goodman Financial Services, "Since that time we have looked at all of our options and we are happy that this resolution preserves the building."

Petrie added that Goodman has plans to renovate all of their other Pioneer Square holdings and are even contemplating plans to provide housing at the OK Hotel site

Historic Seattle's status as a preservation development authority creates an organizational framework that makes difficult preservation development projects like the Cadillac more economically feasible.

For other examples of Historic Seattle projects, visit our Projects section.

Founded in Seattle in 1980 by John A. Goodman, Goodman Financial Services, Inc. (GFS) is an asset management firm. GFS has properties throughout the Pacific Northwest as well as Florida, Louisiana, New Mexico, Tennessee, Texas and Utah. Goodman Financial Services is an affiliate of Pinnacle Realty Management, the general partner and owner of a substantial number of real estate assets.

For additional information, contact: Mark Blatter, Director of Real Estate Development, Historic Seattle, (206) 622-6952 x226; George Petrie, Asset Manager, Goodman Financial Services, (206) 215-9789.