Seattle, WA. – July 19, 2016 – Spectrum Development Solutions’ recently completed Anthem on 12thproject has been named one of six national finalists for the prestigious Urban Land Institute (ULI) Jack Kemp Excellence Award which honors developments that meet affordable and workforce housing needs and help to create mixed-income communities of opportunity.
Anthem on 12th is the only Northwest project that is a national finalist. Spectrum is also the only developer that undertook a project without use of public capital. The award specifically focuses on exemplary developments that ensure housing affordability for people earning up to 120-percent of area medium income (AMI). The final winner of the Jack Kemp Award will be announced during the ULI Fall Meeting in Dallas, Texas on October 24 – 27th.
Spectrum’s work to further the creation of workforce housing was also recently honored with the 2016 LOCUS Leadership Award, a national award that recognizes developers and investors who have demonstrated exemplary commitment to public leadership, smart growth development, and advocating for walkable urban development. Company principals Hal Farris and Gabe Grant were recognized for their work on the City’s 2015 housing affordability and livability (HALA) committee. The LOCUS Leadership Award was presented at the June 2016 LOCUS Leadership Summit in Boston, MA.
“We’re thrilled by the national recognition for our efforts within our city and industry,” said Hal Ferris, founding principal of Spectrum Development Solutions. “We fundamentally believe that private developers can create equitable, sustainable and inspiring places that retain economic diversity in our city while still enhancing the bottom line for investors. We are grateful to be in the company of our fellow winners and finalists for both awards.”
“We are especially proud of Anthem as the only Jack Kemp Award finalist built without additional public subsidies outside of participating in the City’s Multi Family Tax Exemption (MFTE) program”
These two awards come at a time when Spectrum Development Solutions is building upon its workfoce housing commitment in Seattle. Decibel, a 75-unit project located at 301 12th Avenue, opened this month and is 75-percent pre-leased. Reverb, with 85 units, is located at 1023 East Alder Street and will open in Fall 2016. Combined with Anthem, the trifecta will bring 280 new workforce housing apartment units in a three block radius by the close of 2016.
About Anthem on 12th
Anthem on 12th is the first private development in Seattle’s Yesler Terrace public housing redevelopment and neighborhood revitalization effort. The six-story transit-oriented development consists of 120 workforce housing apartments and 4,000 square feet of ground-floor retail space. Thirty percent of the apartments are reserved for households earning 65 to 80 percent of AMI, and the remainder are affordable for households earning up to 120 percent of AMI. Proceeds from the land sale further support mixed-income redevelopment of Yesler Terrace by subsidizing an adjacent development serving households with an income of 30 to 60 percent of AMI. Anthem was built without any public capital. Project Team included: Gracorp Capital Advisors & Bellwether Enterprise, Walsh Construction, Mithun, Hewitt Landscape Architecture.
Spectrum Development Solutions is a real estate advisory and development firm comprised of innovators. Spectrum has successfully been involved with over $1 billion mixed-use, multifamily, student housing and transit oriented development in the Northwest. What sets Spectrum apart is its approach andcommitment to add value to the communities in which they work. Spectrum is currently developing an innovative trifecta of three apartment projects in Seattle’s First Hill neighborhood to serve as a proto-type for both workforce housing and untraditional shared spaces. Spectrum is the recipient of the 2016 LOCUS Leadership Award.