Building for Seattle's future - in 1928

Check out this pic of work to make Second Avenue a "straight shot" through the south end of downtown Seattle in 1928.

You can see a larger version here on VintageSeattle.org's site.

According to the description on the news photo, the project cost more than all of the assessed value of property in Seattle 50 years earlier. In today's terms, I wonder what the comparison would be for the Alaskan Way Viaduct replacement project.