The deadline for bidding on a vacant bank building that Seattle Public Schools hopes to turn into a downtown school has been extended.
The auction for the former Federal Reserve building was originally slated to be finished Wednesday, but under federal auction rules the bidding continues until the highest bid goes unchallenged for 24 hours. The Fed can also choose to decrease that time frame.
As of early Wednesday evening, six bidders were vying for the property and the high bid was $7.6 million. The online auction started Dec. 5, but the auction’s website shows the first bid was cast on Jan. 24th. Earlier this month, the General Services Administration, which is running the auction, lowered the starting bid from $5 million to $1 million.More