Affordable housing, daycare, access to transit among amenities
Renton, Wash. – A new development that aims to transform a block in the Renton Highlands neighborhood while meeting the housing needs of working families broke ground Tuesday (Aug. 31, 2021).
Renton city officials, community leaders and representatives from housing and commercial real estate development firm DevCo gathered for the groundbreaking of Solera, a mixed-use residential and commercial project in the Renton Highlands. The Solera development, a mixed-income apartment community in the Renton Highlands located along Northeast Sunset Boulevard between Northeast 10th Street and Kirkland Avenue Northeast, aims to provide housing options for the city’s working families.
“Solera is an exciting project that we hope will help contribute to the overall success of the Renton Highlands neighborhood and help the city provide quality housing options for Renton residents who wish to live closer to where they work,” said Jack Hunden, DevCo CEO and founder.
Once complete, Solera will comprise of 96 attached townhomes and 590 rental apartments, in addition to 29,500 sf of commercial space and 9,000 sf dedicated to childcare. About 275 of the 590 units will have rental limits to meet the community’s housing affordability needs. In addition, Solera will be within walking distance to other Renton Highlands neighborhood features like Sunset Neighborhood Park, Highlands Park and Neighborhood Center.
“The Solera is the cornerstone of our ongoing redevelopment of the Sunset area and will bring much-needed affordable and market-rate housing units to Renton,” said Renton Mayor Armondo Pavone. “In addition, its high-quality design will add value and character to our community.”
Moderate income households have experienced challenges accessing affordable housing in the central Puget Sound region in recent years. King County leaders declared the region to be in a sustained housing crisis with far too many households burdened with spending more than 30% of their income on housing costs.
With a blend of affordable rental apartments, market-rate housing units and community amenities like access to transit, daycare, retail space and other residential comforts, Solera endeavors to provide housing solutions for Renton while creating a vibrant neighborhood.
Solera is financed through a unique combination of private capital and public funding and is in part made possible through the Evergreen Impact Housing Fund (EIHF). The EIHF is a collaboration between the Seattle Foundation and five area credit unions – BECU, Salal Credit Union, Sound Credit Union, Verity Credit Union and WSECU – to help finance affordable housing projects. Solera, which is EIHF’s first project, reflects a shared mission between DevCo, Heartland Construction and EIHF to provide affordable housing options for moderate-income, working families.
About DevCo, LLC and Heartland Construction, LLC
DevCo, LLC is a privately held real estate investment company, parent company to Heartland Construction, LLC, DevCo Preservation, LLC, HNN Communities, LLC, and DevCo Management Company, LLC. DevCo professionally acquires, develops, builds, manages, and owns multi-family apartment communities. DevCo has a specialized focus on Affordable Housing; a strong emphasis on internal organizational discipline; and delivering a quality housing experience.
Quick Facts – DevCo, LLC
- More than 15 sites under development with the potential for more than 2,000 units
- 1,800 units under construction (including Solera)
- 7,100 affordable units in Washington, supporting over 21,000 residents
- 1,600 units in four additional western states