72 homes have a 20-year affordability commitment
Deepest Commitment by Private Development in Greater Seattle
Seattle – October 11, 2021 – Laird Norton Properties (LNP) and Spectrum Development Solutions (Spectrum) announced today that Orenda is already 59% pre-leased, as the first residents move in. Located at MLK and Othello, across from the Othello Light Rail Station, the transit-oriented project features a 176 one-bedroom, two-and three-bedroom apartment homes with a mix of affordability. Through an impact investment by Seattle Children’s Hospital and the use of MFTE, Spectrum and Laird Norton Properties were able to double the amount of homes (40% of the building) that have a 20-year affordability commitment to ensure rents remain at or below 80% of Area Median Income (AMI). With seventy-two units income restricted for middle class affordability, Orenda provides the most missing middle housing in a single private development within the Greater Seattle area.
“LNP and Spectrum launched our joint venture to push the envelope on the delivery of missing middle housing through unique and innovative partnerships,” said Jim Reinhardsen, President of LNP. “With Seattle Children’s Hospital investing with us, it takes the next step in modeling how creative partnerships can effectively deliver housing for those who earn too much for subsidized housing but not enough to afford market rate rents.”
“At a time when many cities across our nation continue to face housing affordability crises, this project demonstrates how we can create new models for the delivery of middle-income housing which continues to disappear in our cities,” added Jake McKinstry, Principal of Spectrum Development Solutions. We have termed it the missing middle.”
Seattle Children’s Hospital is opening a second Odessa Brown Children’s Clinic in the first two-floors of the building. Tiny Tots, a childcare provider that has been serving families for over 50-years, will also be located on the ground floor.
The design of Orenda is also unique with a 50-foot-tall exterior mural inspired by the local community as an artistic statement. Interiors are a vivid mix of local art, bold textures, and colors that capture the energy of the Othello’s global neighborhood. Many of the apartment homes have useable balconies and a few include a landscaped terrace.
“It is important that all our projects incorporate design details that reflect the communities in which we build,” commented Kaitlin Boyce, Associate Principal for Spectrum Development Solutions, and the project manager for Orenda. “The mural was inspired by the history of the Othello neighborhood and part of a community engagement dialogue with artist Emily Eisenhart. We hope it’s a placemaking element for all to enjoy.”
The dog-friendly building features many in-demand amenities such as an outdoor rooftop lounge with views of Mt. Rainier, gas fireplaces, an outdoor kitchen with barbecue and flattop grill, and a pet terrace. The lounge also includes a canopy with integral heaters for year-round use and an outdoor TV. A rooftop living room is designed with a communal kitchen, media center, shuffleboard, pool table, and arcade games. The fitness center includes boxing, cardio, and strength training equipment, while the bike room has all that an enthusiast could desire with a bike wash, repair station, and even RAD electric powered bikes.
Orenda is targeting USGBC LEED Gold Certification with many human wellness design features. LNP and Spectrum also opened Stateside this month, an off-campus student housing project, which was the first Fitwell certified building in the city of Bellingham and one of a few in the state of Washington.
Weber Thompson was the architect for the building’s shell and core and residential units. Absher served as the general contractor for the residential portion of the project as well as shell & core. Thrive is the leasing and property manager for the apartment homes.
About Laird Norton Properties
Laird Norton Properties (LNP) is a Seattle-based real estate investment firm that owns and operates a national portfolio. LNP’s recent merger with Heartland LLC, created a unique, multi-faceted and fully integrated business and real estate enterprise providing flexible capital investment structures as well as a fully integrated real estate services platform with the expertise to complete even the most demanding transactions. LNP is a wholly owned subsidiary of the Laird Norton Company (LNC), a 160-year-old, seventh-generation family enterprise with significant investments in consumer and financial companies.
About Spectrum Development Solutions
Spectrum Development Solutions is a mission-driven real estate development and advisory company with a diverse, cross-sector focus spanning workforce housing, student housing, healthcare, and community, non-profit projects. All of Spectrum’s projects have a strong community focus with an emphasis on transit-oriented and environmentally sustainable development.