This photo was apparently taken after the Alaska Yukon Pacific Exposition ended and the property was turned over to the University of Washington.
There is also an Image 247 (247 - Looking West from Utah Bldg. A.Y.P.E.) showing an exhibit hall at the A.Y.P.E. Perhaps Otto reused the image number because no one would be interested in an A.Y.P.E. card after the exposition ended.