Yesler Terrace Redevelopment Finally Launches with Green Light for First Private Project
By Alex Girda, Associate Editor
One of the most ambitious neighborhood revitalization projects in the city of Seattle is finally seeing plans come through, with the first private residential project in the community set to break ground. Spectrum Development Solutions, one of the companies tasked with repositioning Seattle’s Yesler Terrace, has been given the green light for its Anthem multifamily project.
Anthem will be a six-story, 120-unit apartment complex that, in keeping with the area’s history, will be targeted for low- and median-income housing. Construction at the project is set to start during the first quarter of 2014, with the investment expected to total approximately $23.5 million. The property will be developed on a 0.5-acre site at 12th Avenue and East Yesler Way.
The developer has been locked in since the fall of last year, when it acquired the property from the Seattle Housing Authority. According to an agreement with the agency, 25 percent of the available units will be for households earning 80 percent or less of the median income. Anthem will feature studio, one- and two-bedroom apartments, with 4,000 of its total 118,000 square feet allocated for ground-floor commercial usage. Plans call for the project to seek LEED Silver certification from the U.S. Green Building Council.
Still dominated by its history as a public housing district built during World War II, Yesler Terrace is set to become a greatly updated and augmented community, with a billion-dollar redevelopment scheme promising to include a number of projects similar to Spectrum’s Anthem. The Seattle Housing Authority is heavily courting Vulcan Real Estate and trying to get the Paul Allen-led Seattle developer to take on the role of master developer.
Image courtesy of spectrumdevsolutions.comTags: affordable housing, Anthem, Architecture/Design, Brokers, Commercial, Conventional - Market Rate, Developers, Development, economy, Finance/Investment, Financiers, Green, Investors, Local, multi-family, Municipal, National, Owners, Policy, Professional, redevelopment project, Regional, Residential, Seattle Housing Authority, Seattle Lead Story, Spectrum Development Solutions, Vulcan Real Estate, Yesler Terrace