Green builder buys lot from city, plans affordable housing in Seattle's International District
Up to 170 affordable housing units are planned for the edge of Seattle's Chinatown-International District under an agreement between the city and a private developer.
The project is the first development to be announced after the city's Housing Affordability and Livability Agenda (HALA) committee released a report outlining 65 recommendations to build or preserve 50,000 housing units in the next two decades.
Seattle-based Stream Real Estate Development & Investment purchased the small city-owned parcel adjacent to another lot it was buying at Yesler Way and Sixth Avenue South. The agreement requires the units to remain affordable for 50 years to someone making $46,100 a year or less (in today's dollars). That translates to a cap of around $1,235 for a one-bedroom apartment, according to a report in the Puget Sound Business Journal.
The company plans a six- or seven-story project on what is now a surface parking lot.
Stream Real Estate bills itself as developers of Sustainable Apartment Living, with every unit it has built so far being LEED® certified. It also "intentionally develops buildings within close proximity of public services such as bus lines, trolleys, bike routes and corporate transportation." One of its projects, a 70-unit apartment building called Stream Belmont on Capitol Hill, earned Green Builder Media Home of the Year honors.
Marc Angelillo, Stream's managing member, said the project's timeline has not been set, but the company hopes to start building in 12 to 18 months.
The transaction needed City Council approval via legislation. Proceeds from the sale, estimated at $1.4 million, will be used to build more affordable housing elsewhere.