February 12, 2019 – Laird Norton Properties (LNP) and Spectrum Development Solutions (Spectrum) today released new renderings of their mixed-use, workforce housing project at Othello Square.
Located at 39th and Othello, the project will be seven-stories and approximately 230,000 sq. ft. with 176 workforce apartments for individuals and families earning 65% – 120% of AMI. The first two floors will be a new Odessa Brown Children’s Clinic (OBCC).
As part of their joint venture, Spectrum and LNP are making a commitment to keep the apartments at workforce rental rates for twenty-years through a covenant ensuring at least 20% of the apartments are affordable at no more than 80% of AMI. Spectrum made this same commitment as the first private developer at Yelser Terrace with Anthem.
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 Jake McKinstry, principal of Spectrum Development Solutions. “Some call it workforce housing, we call it the missing middle.” Spectrum was the first development company to build workforce housing in the city of Seattle on First Hill with Anthem, Reverb, and Decibel.
The Othello Square project will include ten three-bedroom units in order to provide much needed larger, family apartment homes. It will also include twenty-eight two-bedroom units, forty-three one-bedroom apartments and ninety-five studios. The residential building will include a fitness room, rooftop club room and deck, dog run, and shared amenity spaces. There will be approximately 100 underground parking stalls associated with the project. The unit mix and design, including multiple prominent art features, is being driven by a community-centric process with an emphasis on the diverse culture of South Seattle.
“This is a keystone project for us, added LNP President Jim Reinhardsen. “Our projects place a strong emphasis on sustainability, health and wellness, and community connections with a long-term hold philosophy. Pooling development opportunities on one site to strengthen the neighborhood for current residents, is exactly the type of projects and impact we want to be a part of. We are very excited about this development and our opportunities with Spectrum as one of the preeminent multifamily developers in the Pacific Northwest.”
Spectrum Development Solutions is the developer for the project and will also oversee the OBCC clinic buildout. Weber Thompson is the architect for the building’s shell and core and residential units. Absher is the general contractor for the residential as well as shell & core. NBBJ is the architect for Odessa Brown Children’s Clinic. The project is anticipated to break ground in the late fall of 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. 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 civic oriented projects. All of Spectrum’s projects have a strong community focus with an emphasis on transit-oriented and environmentally sustainable development.