Construction is set to begin soon on a new Housing Diversity Corp multifamily complex in Chinatown District, Seattle, Washington. The area will see a new 10-story apartment building that will replace a low-slung mid-20th-century building that’s home to a tea shop. The developer plans to start construction this summer on the 202-unit development at 701 S. Jackson St.
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The project’s cost was not disclosed by HDC, although it was noted that Coastal Community Bank is the debt partner on the opportunity zone development project. Due to a federal initiative, investors that make investments in low-income communities are eligible for tax incentives. When preliminary project information first surfaced two years ago, HDC CEO Brad Padden stated that the program helps lessen some of the development’s risks. According to public records, a limited liability firm in September paid the Mar family, the property’s longtime owners, $5 million for the almost one-third acre that housed an auto service centre. According to HDC, the family is still participating in the construction.
In a prior statement, Padden stated that O.Z. Navigator, the project’s sponsor, had signed up for the state Department of Ecology’s voluntary cleanup program. O.Z. Navigator is a joint venture between HDC and Nitze-Stagen, another business based in Seattle. The structure was created by Neiman Taber Architects, and STC Construction will erect it.
Details on the Housing Diversity Corp multifamily project
The structure will house 66 communal housing units, 18 compact efficiency flats, and 118 one-bedroom apartments. Rent starts at $846 per month or 40% of the area median income (AMI). 114 of the 202 apartments will be within reach of people making 79% of AMI. It is anticipated that all units will be within reach of people making no more than 90% of the AMI. A common area, almost 3,750 square feet of retail space, and two rooftop terraces with views of Elliott Bay and the Olympic Mountains will also be included in the construction. Parking is not anticipated.
After the International Special Review District approved the proposal, HDC made its announcement. Five open meetings were held during the process. In cooperation with David Della and Eco-Ready LLC, HDC has worked with over 30 community leaders and organizations to hear feedback and put it into practice. Throughout the review process, HDC has held private sessions and open forums for the general public.
