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The 14-story Olive Tower Apartments opened on 07/15/1928. According to an advertisement extolling Seattle's construction rate in 1927, the Olive Tower Apartment Building cost $325,000 to erect. See "Seattle 'the City that is ever Building!'" Seattle Daily Times, 07/09/1928, p. 34.

When it opened, the building featured two-bedroom apartments, with rents ranging from $52.50 to $85, depending on whether they were furnished or not, and on their floors and views. Seattle's surging population in the first two decades of the twentieth century elevated land prices close to downtown. The Capitol Hill and First Hill Neighborhoods experienced a large amount of apartment construction. To maximize return on land costs, landlords built many tall apartment buildings in First Hill particularly, previously the site of single-family residences, some quite large. These apartments were relatively expensive, and catered to professionals working in Downtown Seattle skyscrapers and hospitals nearby.

PCAD id: 15277