Smith Tower condo-conversion plan gets one OK

The Pioneer Square Preservation Board gave Chicago-based developer Walton Street Capital the go-ahead Wednesday to change Seattle's landmark Smith Tower from an office building to residential condominiums.

Some board members expressed concern that a residential Smith Tower would have less hustle-and-bustle, but a prevailing number were swayed by a desire to have more upscale residences in Pioneer Square.

Walton Street is still months away from receiving all the necessary approvals to proceed with the conversion.

Michael Allmon, Walton Street's local operating partner, said the company will continue to work with Seattle's Department of Planning and Development, as well as the Landmarks Board and Pioneer Square Preservation Board, on proposed architectural changes.

Walton Street Capital bought the 93-year-old Smith Tower and an adjacent two-story building for $48 million last year from the Samis Foundation. It announced its interest in turning Smith Tower into residences in February. By then, two of the tower's largest office tenants, Providence Health & Services and the Disney Internet Group, had made plans to move elsewhere.