July 31, 2018 – Laird Norton Properties (LNP) and Spectrum Development Solutions (Spectrum) announced today, as part of their joint venture, that they will be developing a new mixed-use project (currently identified as Building “C”) at Othello Square.
Located at the northwest corner of the campus, the project will be six-stories and approximately 275,000 sq. ft. with 176 workforce apartments targeted at individuals and families earning 65% – 120% of AMI. The first two floors will be home to a new Odessa Brown Community Clinic which Seattle’s Children’s Hospital also announced today. Together the mixed-use development will increase access to healthcare for lower-income families and provide much needed workforce housing at the Othello light rail station.
As part of their joint venture, Spectrum and LNP are making a community-first commitment to ensure 20% of the apartments remain affordable to households earning up to 80% AMI for twenty years. In 2017, Spectrum and LNP launched an initiative to build apartment homes for the “missing middle” workforce in walkable and transit-oriented locations around the Pacific Northwest.
“As our local communities grow, we want to ensure that we have in-city, apartment housing for students, nurses, police officers, teachers and other professionals who want to live in locations
convenient to transportation, education, job centers, culture and recreation,” said Jeff Vincent, CEO and President of Laird Norton. “Some call it workforce housing, we call it the missing middle.”
The Othello Square project is the third announcement in less than six-months for Spectrum and LNP. This fall they will break ground on Canton Lofts in Pioneer Square and are in the design phase of a project in downtown Bellingham. Spectrum was the first development company to build workforce housing in Yesler Terrace with Anthem as well as its counterparts Reverb and Decibel.
“Pooling our strengths and working with partners such as HomeSight to develop community-centric buildings is part of our company’s core value,” said Jake McKinstry, Principal with Spectrum Development Solutions. “Our designs place a strong emphasis on sustainability, health and wellness, and community connections with a long-term hold philosophy,” added McKinstry. “We are thrilled to be part of Othello Square and working with the community and HomeSight”
“The success of Othello Square is premised on sustained and equitable relationships with partners who respect the neighborhood’s long-standing priorities and deliver the desired the outcomes of the community,” said Tony To, Executive Director of HomeSight.
Spectrum Development Solutions will serve as the lead developer for the project with LNP providing project equity and asset oversight. Weber Thompson has been selected to design the building’s shell and core, and residential units. NBBJ has been selected at the architect for the Odessa Brown Community Clinic.
The residential building will include a fitness room, roof deck, dog run, and shared amenity spaces. There will be approximately 100 underground parking stalls associated with the project. The project is anticipated to break ground in late 2019 with estimated completion in 2021.
About Laird Norton Properties
Laird Norton Properties (LNP) is a Seattle-based real estate investment firm that owns and operates a national portfolio. It is a wholly owned subsidiary of Laird Norton Company (LNC), a 160-year-old, seventh-generation family enterprise with significant investments in consumer and financial companies. Backed by an experienced team of real estate professionals, Laird Norton Properties provides the flexible capital, thoughtful structures, and diligent management required to successfully execute on strategies across the yield-spectrum.
www.lairdnortonproperties.com
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 civic oriented projects. All of Spectrum’s projects have a strong community focus with an emphasis on transit-oriented and environmentally sustainable development.
www.spectrumdevsolutions.com
