Homes-for-sale program enters new phase

Family Pryde Homes is first private home builder at NewHolly

SEATTLE—March 12, 2004—As the last few of the townhouses built by SHA are sold at NewHolly, the next phase of the of the homes-for-sale program is getting underway. This involves the purchase of lots by local builders who will construct homes for sale to the public according to strict design guidelines established by SHA. The new homes will fit into the existing neighborhood, while offering more variety in both design and price structure.

Family Pryde Homes, a local Bellevue business which builds custom homes, has purchased the eight lots on the north side of S. Holly Pl. between 33rd Pl. S and 34th Pl. S. Family Pryde will construct four duplexes on these lots, similar to the duplexes located further east on the same street. They will then market and sell these homes to the general public. Previously, SHA assumed all of the risk for the for-sale homes at NewHolly, serving as developer and hiring general contractors to do the actual building. By selling the lots to private home developers, SHA expects to experience higher returns on the sale of the land. Proceeds from the land sales will help to fund other aspects of the NewHolly development program, including the construction of low-income housing.

Family Pryde Homes begins work on S. Holly Pl.

According to Stephen Antupit, who manages the homes-for-sale program for SHA, local builders have been very enthusiastic about purchasing lots at all of the Housing Authority's redevelopment sites. SHA is currently negotiating the sale of the remaining for-sale lots at NewHolly (both in Phase II and in Phase III), and expects to close on those sales in the next month or two. Construction on all of the new homes will begin this summer.

Lots are also being offered for sale currently at High Point and will be available at Rainier Vista soon. Strict design guidelines, adopted by SHA in consultation with close neighbors, will control how the houses look when completed. Agreements between SHA and the builders will also control the the mix of affordable homes and homes targeted at higher price points. The goal is to provide a mix of both designs and prices.

All 148 of the homes built by SHA is NewHolly Phase I have now been sold. Nearly all of the SHA-built homes in Phase II have also sold - only four of these homes remain on the market at this time.

For additional background on the homes-for-sale program, click here.

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