Yesterday, Ted Schroth sent out a press release finally (finally) announcing his intent to purchase Odd Fellows Hall.

I’ll quote a few relevant passages here. The whole text follows the jump:

“We are pleased that this historic and culturally significant property will be preserved and enhanced by a responsible developer who has previous experience in the neighborhood, a vested interest in maintaining the creative vibrancy of the neighborhood and who simply likes the property,” commented [current owner Paul] Verba.

The planned upgrades for the building currently include the following work:

• Renovation of the building entries and interior common areas
• Replanting street trees
• Some building system and life safety upgrades
• Enhancing the exterior façade and storefront area
• Reconfiguration of the top (office) floor into larger office spaces
• Upgrading the retail level of the building and attracting more pedestrian-oriented uses, including restaurants and boutique retailers

“Paying retail for a building and not tearing it down creates the economic reality of having to raise rents to market levels in order to make retaining the building feasible from an investment standpoint. We are sensitive to the circumstances of the existing arts-focused tenants in the building and look forward to continuing to work together with them as we explore creative solutions to try to retain the arts culture at the Odd Fellows Lodge. Sensitivity to history and design were a driving focus to us at Trace Lofts / Trace North, and critical to the success of that project.”

For Immediate Release

Local Developers Purchase Odd Fellows Lodge

Seattle, WA – November 5, 2007 - In January, a group of investors led by Ted Schroth of GTS Development LLC will be purchasing the Odd Fellows Lodge on Capitol Hill. The building is being sold by Odd Fellows Building Associates comprised of David Angel of Angel Properties Inc., and Paul Verba, of Inori LLC, who purchased the building from the Independent Order of Odd Fellows in 1996.

“We are pleased that this historic and culturally significant property will be preserved and enhanced by a responsible developer who has previous experience in the neighborhood, a vested interest in maintaining the creative vibrancy of the neighborhood and who simply likes the property,” commented Verba.

The planned upgrades for the building currently include the following work:

• Renovation of the building entries and interior common areas
• Replanting street trees
• Some building system and life safety upgrades
• Enhancing the exterior façade and storefront area
• Reconfiguration of the top (office) floor into larger office spaces
• Upgrading the retail level of the building and attracting more pedestrian-oriented uses, including restaurants and boutique retailers

Schroth’s company is behind the redevelopment of the Trace Building at the corner of 12th and Madison into the Trace Lofts / Trace North residential and retail mixed-use project. This project, just a few blocks south of the Odd Fellows Lodge, has been acclaimed by the neighborhood. Trace Lofts buyers recently began moving into their new homes and Trace North will be ready for occupancy in spring.

Says Schroth, “While another developer may have razed this building, I believe that The Odd Fellows Lodge presents an opportunity to revitalize one of the neighborhood’s most cherished symbols. We recognize that both the history and current uses of the building play an important role in the culture of the immediate neighborhood and want to be mindful to that reality as physical upgrades are implemented.”

“Paying retail for a building and not tearing it down creates the economic reality of having to raise rents to market levels in order to make retaining the building feasible from an investment standpoint. We are sensitive to the circumstances of the existing arts-focused tenants in the building and look forward to continuing to work together with them as we explore creative solutions to try to retain the arts culture at the Odd Fellows Lodge. Sensitivity to history and design were a driving focus to us at Trace Lofts / Trace North, and critical to the success of that project.”

“The Odd Fellows represents another significant investment by me and my partners in the thriving east end of the Pike-Pine corridor. For the past few years, we have been collaborating with our neighboring developer, Liz Dunn, on the redevelopment of the entire block of 12th Avenue between Madison and Pike and want to expand this collaboration to working with other stakeholders in the neighborhood. We are interested in the preservation of historically significant buildings in this area and in retaining the soul and feel of ‘place.’ We are convinced that this neighborhood is the best place to live, work and shop in Seattle and will only get better as time goes on.”

The sale of the building is expected to close in January.

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