It may come as a surprise, but the booming construction in South Lake Union entails more than just expensive condos and Google/Amazon’s competitive land-grabbing. Last Tuesday, October 4th, ground was broken on an affordable housing apartment building.
The Anchor Flats is going to be a 71-unit building on Dexter Avenue North near Aurora Avenue. Rents will range from $840 to $1,200, which is half the market rate for this area of South Lake Union. The units will be available to people with single-person incomes of $31,000 – $37,000 per year, or $36,000 to $43,000 per year for a two-person household income.
Anchor Flats is being constructed in part with $7.3 million in city money for the Incentive Zoning program of the South Lake Union neighborhood. This comes as part of the city’s plan to create thousands of affordable housing units throughout the city, to combat Seattle’s increasingly expensive rental market. The project is being designed by Runberg Architecture Group, and it’s contracted by Rafn Company.
Construction is now underway, with an expected completion date of March 2018.
Once complete, the building will be managed by Bellwether Housing. The company is looking forward to serving people who make $35,000 (single-person income) or less each year at the new Anchor Flats. “Our vacancy rate is almost zero. Once a vacancy pops up, it’s taken almost immediately by a family who needs it,” said Susan Boyd, a Bellwether Housing representative.