Well, this is interesting. News from the Puget Sound Business Journal.
As you may remember, the former Federal Reserve building - a federal building - was closed years ago. Under federal law, entities and groups may apply to use the building for public purposes. The Downtown Association was very interested in the district applying so that downtown would have an elementary school. It's a good location, near the downtown library.
District facilities director, Flip Herndon, toured the building with some reps from the DSA earlier this year. He is decidedly not in favor because of the many issues of getting the building ready (and he already has a lot on his plate). He believes it might take up to $40M to get it ready and the district only has about $5M.
He said around 460 kindergarten through fifth graders live within a mile and a half of the former bank branch.
There was a homeless group applying for its use and they had first rights. Their application was turned down recently. The district is now next in line.
But, the district only has until July 3rd to apply. I think they should.
Ironically, one issue is how "stout" the building is - it's able to withstand an atomic blast. According to those who have seen it, the building is massive with the entire bottom floor being giant safes.
The location is good. (Children live everywhere in downtown, not just by QA and South Lake Union.)
It's free. Did I mention, it's free? And, after 50 years, the district owns the building and the land outright. What a gift for future generations. Because if the district - at that point - doesn't want it, they will likely be able to sell it for a big chunk of change.
As for the costs, I suspect that between downtown interests and a possible levy, it could get done.