25 story building in Seattle to be demolished – the 9 year old McGuire apartment building is unrepairable, suffering from corrosion of the structural elements which were not painted to protect them from corrosion. Residents have been urged to move as soon as possible, at latest by the end of the year.
The irony comes from who owns the building – “Carpenter’s Tower is owned by Carpenters Union, Local 131, and by MEPT, the Multi-Employer Property Trust. Construction of the McGuire was completed in 2001″
MEPT is basically a company that takes pension plan money and buys real estate.
