Eastern Capitalists Bet Big on Seattle's Future
A Boston bank president purchases a half-block of prime downtown Seattle real estate for a major business development.
The story, cleaned up
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The purchase of the half block bounded by Spring, Second and Madison streets by Mr. Herman Chapin, president of the Boston National Bank, is of more than ordinary importance. It is understood that Mr. Chapin made this purchase on behalf of a Boston syndicate, and while the price paid is not stated, it is understood to be in the neighborhood of $175,000. The intention of the purchasers is to erect immediately upon the land an elegant business structure to cost not less than $150,000. The investment of $325,000 at this time in Seattle property by conservative Eastern capitalists is significant in the highest degree. It shows the confidence that they have in Seattle and in Seattle's future.
“The investment of $325,000 at this time in Seattle property by conservative Eastern capitalists is significant in the highest degree.”
This reflects the recurring pattern of outside capital driving rapid urban development in Seattle, a trend that persists in today's commercial real estate market. The intersection of Second and Madison remains a core node in the city's downtown financial district.
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