From the Frye Hotel on 3rd and Yesler, perhaps from the roof.
Looking southeast over what later became known as the International District (Chinatown, Japantown, Little Saigon) at Beacon Hill.
Scanned from a medium format negative.
Other images in the set show confetti in the aftermath of a celebration. With several loitering sailors, I'll hazard a guess at VJ Day+1, August 15, 1945. The lack of streetcars and cable cars certainly makes this post-1940.
Major visible structures have been tagged with notes. Feel free to add more.