If it wasn’t clear before the pandemic it should be crystal clear now: boarding up buildings and hoping things will get better in a neighborhood does not work. Pioneer Square is rife with buildings whose owners tried to do just that and the results have been dismal.
Historic Landmarks like The Delmar Building and The Squire-Latimer Building are victims of the speculation boom; buildings purchased for their investment value instead of their utility. In 2020, The Delmar Building was purchased for $7.7m, the building was 100% occupied with 30 year, multi-generational tenant, Agate Designs, acting as anchor. Today the building stands 70% vacant with Pioneer Square staple Bon Voyage Vintage, the lone retail survivor.
One now departed store owner said he pleaded with building’s management to work with him. Small businesses like his didn’t get bailouts, they got one or two lump sums and wished good luck. For most, any money from the city, state or federal government quickly went to creditors like the building who threatened eviction.
Today, tenants of the office space say their requests for new leases are met with evasion. Prospective tenants are now quoted rates higher than before the-pandemic with multi-year minimum terms.
Are these the acts of a business acting in good faith?
–Pioneer Post – Issue 1, Page 1 – Spring 2023
