Jones Development of Seattle announced the start of their third real estate development after breaking ground on a 35-unit affordable housing project located at 1305 E Marion St. in the Capitol Hill neighborhood.
According to county records, the partially entitled site sold for $1,925,000 in the Fall of 2020. Their plans are to bring 35 studios to Cherry Hill located just south of E Madison St, bordering the Capitol Hill neighborhood. Reid Jones, founder, and principal of Jones Development, “We were warmly received by local residents who over the years complained of squatters and unpleasant trees being eyesores for the community.”
“In relativity to the multifamily inventory coming online in the Capitol Hill submarket this project will be a more affordable option for Seattle University students, First Hill healthcare professionals, and surrounding residents employed in the service sector” says Jones. The project intends to opt into the multifamily tax exemption program where per code 25% of the building’s units need to be available for eligible renters earning at or below 50% of the area’s median income.
NeimanTaber Architects of Seattle is the designer and CA James of Woodinville is the General Contractor. The property was sourced off market in 2020 through Berkadia’s Mitchell Belcher.
“The core thesis is that the Puget Sound and most of Western Washington is struggling with a supply- constrained environment for affordable housing of all kinds” says Jones. “Meeting the demand for affordable housing across the state of Washington is our mission.”
Construction began this August, and the property is expected to open in the Fall of 2023.
This project follows a 38-unit townhome development in the Martha Lake neighborhood of Lynnwood WA along with a 38-unit hospitality to multifamily conversion project in Anacortes WA.
Jones comes from a construction family. His dad, Eric, is President and CEO of a general contractor Foushée & Associates located in Bellevue Washington. As of recent, Foushée was awarded role as general contractor for SRM Development’s Phase III Google campus, Seagen’s biomanufacturing facility, Wright Runstad & Company’s Brewpub amongst other sizable office and industrial projects.
