Unusual Mixed-Use Development Under Way in Seattle
Seattle—Work is underway on the 12th Avenue Arts development in the Capitol Hill district of Seattle. The mixed-use property will provide affordable housing, performing arts and commercial space all in one building.
All together, the property will contain 88 units of affordable housing, available to residents who earn 30 percent to 60 percent of the area median income. The residential portion of the structure will include a mix of studios and one- and two-bedroom units on floors two through six.
12th Avenue Arts will also include two custom-designed theaters (149 seats and 80 seats) managed by New Century Theatre Company, Strawberry Theatre Workshop, and Washington Ensemble Theatre. The 17,000 square feet of commercial space in the building will mostly be taken by Capitol Hill Housing, which is a public development authority, and there will be meeting space for community events.
The Seattle Police Department will have use of two floors of secure underground parking. Previously, the site was a parking lot for the East Precinct of the SPD.
Capitol Hill Housing obtained $18 million in New Market Tax Credit equity from KeyBank to finance the development. The bank also lent $12 million for the residential portion of the property, $3.86 million for the commercial portion and $4 million to bridge capital campaign proceeds. Other financing for the project came from the National Development Council, the city of Seattle and other public entities, as well as grants from the Paul G. Allen Family Foundation, the Joshua Green Foundation and the Wyncote Foundation.
Completion of the project is slated for 2014.Tags: mixed-use, New Development