Housing Authority Closes on First Land Parcel to Vulcan Real Estate
Vulcan Real Estate moving forward with Yesler Terrace development
SEATTLE — January 14, 2016 — The Seattle Housing Authority (SHA) and Vulcan Real Estate today announced they have closed on Vulcan’s purchase of the first of three blocks at Yesler Terrace. The purchase price for the approximately one acre site at the northwest corner of Broadway and Yesler is $5.92 million. Vulcan ultimately plans to invest $200 million in three residential projects covering 3.7 acres that will include a total of 650 units of market-rate apartments and affordable housing.
The Vulcan transaction represents a milestone in SHA’s transformation of Yesler Terrace into a diverse and vibrant mixed-income community. SHA is investing funds from the land sale into the redevelopment of Yesler Terrace, including major street, sewer and other needed infrastructure repairs and replacement; replacement of all of the existing 561 aging units with new homes for low-income residents living at or below 30 percent of Area Median Income (AMI); new parks, walkways and other open spaces; and additional neighborhood amenities.
Vulcan intends to break ground on its first project at the northwest corner of Broadway and Yesler later this year, constructing 195 units of housing including 39 affordable units that will be set aside for a period of 20 years for households earning between 65 and 80 percent of AMI. The building will include a mix of unit types including studios, one-bedroom and two-bedroom apartments as well as one live/work unit. The project is targeting LEED Gold certification. As part of the development, Vulcan will complete construction of public pedestrian pathways, and will add a plaza as well as street frontage improvements.
The project is being designed by Runberg Architecture Group and Exxel Pacific is the general contractor.
About Vulcan Real Estate
Seattle-based Vulcan Real Estate directs all real estate investment activities for Vulcan Inc., a Paul G. Allen company. Through strategic acquisitions and innovative development, Vulcan Real Estate has created a diversified portfolio of high-performing quality assets including office, biotech, residential and mixed-use projects. The company’s integrated team of real estate professionals offers a full range of development and portfolio management services from site selection and urban planning to build-to-suit construction, leasing and asset repositioning. Its real estate model is based on quality, sustainable development that builds new value across the entire community. To date, Vulcan has delivered 6.5 million square feet in 29 new office, biotech, residential and mixed-use projects, primarily in Seattle’s South Lake Union neighborhood. The company has 208 apartment units under construction in the University District and several more projects in pre-development planning. The company is also in pre-development planning for three sites at Yesler Terrace where it will build approximately 650 residential units. Vulcan Real Estate currently manages nearly $2 billion in real estate assets. For more information, visitwww.vulcanrealestate.com.
About Seattle Housing Authority
The mission of the Seattle Housing Authority (SHA) is to enhance the Seattle community by creating and sustaining decent, safe and affordable living environments that foster stability and self-sufficiency for people with low incomes. SHA provides long-term, low-income rental housing and rental assistance to more than 30,000 people in the City of Seattle. SHA owns and operates approximately 8,000 units at nearly 400 sites throughout the city. SHA also handles more than 10,000 Housing Choice Vouchers (also known as Section 8), enabling low-income residents to receive rental assistance in the private housing market. Approximately 13,000 SHA residents are elderly or disabled and about 9,500 are children. SHA, a public corporation established in 1939, is governed by a seven-member Board of Commissioners, two of whom are SHA residents. Commissioners are appointed by the Mayor and confirmed by the City Council.
Rendering courtesy of Vulcan Real Estate.