South Lake Union Affordable Housing Building Project Breaks Ground

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.

 

screen-shot-2016-10-13-at-11-41-55-amThe 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.

2 Bedroom Condo Available for Rent

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1231 5th Ave N (unit 202), Seattle

Just a few minutes from Lake Union this spacious one bedroom plus den condo is for rent in the coveted Le Parc condominiums. Over 1,100sf with lavish master bath, walk-in closet, fireplace, and terrace with stunning Downtown Skyline and Space Needle views. Prime Queen Anne location on a quiet street overlooking Bhy Kracke Park. Secure Parking included. No smoking, no pets.

Apodments: Coming soon to East Lake Union

Apodments: Coming Soon to East Lake Union

EastlakeResidentialCommunity_bigThe new Apodment style communities in Seattle are making city living affordable for many but at a price to others. Much like micro-housing, an Apodment is a large complex that caters to low-income families, students and single residents.

Thanks to the dorm style living, residents are able to rent out a room with a private bathroom while sharing a kitchen and living space with many others who also enjoy lower monthly rent. While these structures are great for developers and students many people who are seeing them built in their home neighborhoods are not as welcoming. Most of the residents that feel these developments are intrusive voice problems with an existing parking situation that is sure to worsen. Many of these new structures do not offer any parking whatsoever.

After demolishing a 100 year old single family home and a duplex, two lots will be used to house 115 units at 2820 Eastlake Ave. This is a much higher density than what residents are used to on Eastlake according to a letter written to the city council. The letter expresses many of these local concerns in depth including the lack in ability for locals to comment on these developments and that these types of properties are not sustainable housing choices.

On the bright side, the developer of the property, Kelten Johnson, says he plans on offering “an efficient, clean, safe and affordable housing alternative to Seattle students and the workforce community” at prices ranging between $500 and $600 a month. These are significantly lower than an individual apartment in the area.

The new apodments are sure to bring changes for all in the Eastlake area and throughout Seattle. It is apparent this compact style housing is growing in popularity, with permits already issued for another handful of these complexes. Only time will reveal the true pros and cons of these apodments from a social, economical and sustainable point of view.

 

 

South Lake Union: A Developers Cash Pot

In South Lake Union Seattle developer, Mack Urban announced plans to build a 43-story tower which will house 430 apartments and 2,800 square feet of retail space at 1001 John Street. The location poses some challenges as it’s quite a steep location, but Urban told the Puget Sound Business Journal, “The plan is to create a public hill climb assist within the building.” Something that resembles the Harbor Steps, which connects Seattle’s waterfront to downtown.

The site, located at the corner of John Street and Terry Avenue North, has become a developer’s cash pot due to its close proximity to Amazon’s headquarters. Next to the Mack Urban site Holland Partner Group is planning for a 40-story apartment tower, and just last month a Beverly Hills headquartered company called, H5 Capital reviled plans to build two high rises which will go up on the same block. Via Architectures will design the high rises and will have a total of 840 residences between them.

With all the residences and office space planned for South Lake Union, it’s a wonder how much more active the development market can get, though we guess it’s not over by a long stretch.

More High-Rises Impact Bustling South Lake Union

A new apartment complex is coming to South Lake Union, located at 403 Dexter Ave. N.   According to the Puget Sound Business Journal, the quarter acre lot was sold to Wilshire Capital Partners for $4.1 million.  Recently, it has surfaced that Wilshire Capital Partners has submitted plans for a 24-story apartment complex that will house about 250 units, a small retail space and 85 parking spots. This project, though, is just another on their to-do list.

Two additional apartment towers in South Lake Union are set for construction to begin this coming fall. At 427 9th Ave. N. Wilshire is planning a 26th story apartment tower, as well as a seven-story complex at 525 Boren Ave. N.   Via Architecture, will be designing the three Wilshire apartment buildings.

With Amazon’s headquarters sitting pretty in the middle of South Lake Union, it’s caught the attention of real estate developers looking to cash in on the substantial growth of the area.  Wilshire Capital Partners are amongst many bringing apartment complexes into the area.