Pre-WWII brick apartment buildings are part and parcel of Capitol Hill’s charm. Many also need expensive upgrades to ensure they don’t collapse in an inevitable future earthquake.
As the City of Seattle continues to slowly push forward requirements for seismic retrofitting, the new owner of the 56-unit Whitworth Apartments building says he decided to get the work done before the big one hits (not to mention the likely cost-savings of doing the upgrade before a retrofitting law is passed, which will send building owners clamoring for contractors).
Peter Goldman, a longtime Seattle resident, purchased the 17th and E John “unreinforced masonry” building this summer for $18.2 million, property records show. He told CHS his family had recently sold several properties out-of-state and decided to reinvest the money in two Seattle apartment buildings. The U.S. tax code encourages such reinvestments by delaying the capital gains tax.
“The only responsible thing to do is to prepare it for an earthquake,” Goldman said. “I don’t want to wait to be told what to do. I want to do the right thing.” Continue reading