By Joel Magalnick, Editor, The Jewish Sound
On Oct. 22, the Jewish Federation of Greater Seattle completed the sale of its headquarters in Seattle’s Belltown neighborhood to local developer Martin Selig. The $8.45 million sale is part of a three-building package on the block of Third Ave. between Lenora and Virginia streets.
The proceeds of the sale will go into an operations endowment the Federation has created, “which will then enable us to provide more impact to the community than we currently do,” said Keith Dvorchik, the Federation’s president and CEO.
While Dvorchik said the Federation had not been actively seeking a sale, “we made sure it was known that it was available,” he said. A contract for a $6 million sale in December 2013 fell through. Given that difference of sale price in just 10 months, “what an incredible opportunity to have a very positive impact on Jewish Seattle,” Dvorchik said.
Selig is listed as a major supporter of the Federation’s remodel following the shooting that occurred there in 2006, and Selig donated space in a high-rise his company owns for Federation staff to work during that renovation.
The Federation will maintain occupancy in the building for at least a year as Selig awaits permits to demolish the building originally built in 1919 and redevelop the three-parcel tract.