TWG to Develop 2 Affordable Properties in Seattle
- May 10, 2021
National developer TWG has announced it will develop two new affordable apartment properties in King County, Wash., one of the nation’s wealthiest areas.
Grata at Totem Lake and 192 Shoreline will be located in Kirkland and Shoreline, Wash., respectively. The two represent TWG’s first fully affordable projects in the Seattle market.
“In 2017, King County’s Regional Affordable Housing Task Force found that more than 124,000 are severely cost burdened, spending more than 50 percent of their income on housing,” Megan Adams, TWG development director, told Multi-Housing News.
“The region has suffered from some of the worst housing affordability levels and highest rates of homelessness in the nation,” she added. “With this severe shortage of affordable housing options, there has never been a better time for TWG to enter the Seattle market and make a real impact on the community by providing more budget-friendly housing options.”
Half of AMI
Both communities will offer affordably-priced residences for households earning less than 50 percent of the county’s area median income. Situated at 12410 NE Totem Lake Way, Grata at Totem Lake will be a seven-story development offering 125 apartments, in a range from studios to four-bedroom units.
With an address at 19022 Aurora Ave., 192 Shoreline will also stand seven stories high, and will offer 250 units, from studios to four-bedroom units. It will provide a community facility for the services and co-ownership partner Alpha Supported Living Services, a nonprofit organization that for almost 50 years has supported individuals and families with developmental disabilities.
“One of the biggest challenges was securing the bond/LIHTC awards for the projects, as the process was extremely competitive,” Adams said. “In January 2021, there were $1 billion worth of projects requesting tax-exempt bonds and only a quarter were awarded in Round one. Half of the applicants, around $500 million worth of requests, had to reapply in Round two, forcing developers to shift their plans entirely, or wait until Round 1 of 2022.”
Construction of Grata at Totem Lake will start at the end of this year, with 192 Shoreline beginning construction in the next two or three months. Both developments are slated for completion by middle of 2023.
“With the support of nonprofit partners LifeWire and Alpha Supported Living Services, and funding from the Evergreen Impact Housing Fund, which received a $50 million investment from Microsoft last year, TWG was able to successfully move forward with both LIHTC affordable housing projects.”
Last week, Bell Partners acquired a 202-unit property also in Kirkland, Wash.