homeWorks project will renovate 22 high-rise
apartment buildings
Green Lake Plaza project to start in early
2006
SEATTLE—November 10, 2005—In order to insure the on-going
stability of its high-rise apartment buildings, Seattle Housing is
embarking on an ambitious five-year project to renovate major
infrastructure and building systems in 22 buildings located across
the city.
According to project manager Stephanie Van Dyke, "We will be
concentrating our efforts on replacing water lines and treating
building exteriors to correct water intrusion problems. Community
room finishes and furnishing will also be upgraded. The work plan
will vary slightly for each building."
After a few difficult projects which significantly inconvenienced
residents, the Housing Authority re-evaluated its methods for these
kinds of renovations. A greater emphasis is now being placed on how
the work can be accomplished in the least amount of time with the
least disruption to the residents' lives.
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Sven Koehler, homeWorks Communications Liaison |
To help accomplish this goal, Sven Koehler has been hired as the
homeWorks communications liaison. His focus will be on
working with both residents and construction workers to make
sure that they understand and appreciate each other's needs.
Residents will be kept abreast of the progress of
construction in their buildings with regular meetings and
updates. Koehler explained, "While there is no doubt
that living in a building during renovation can be an
inconvenience, I hope that being well-informed helps make it
less stressful for residents."
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The financing plan for the $33 million project is unusual, in that
it combines the use of bond financing and tax-credit equity
financing. SHA will issue bonds, using the annual capital grants it
receives from HUD to pay the bonds back over time. This allows for
economies of scale in completing the project in five years, rather
that spreading it over 15. In addition to the bonds, low-income tax
credit equity financing will add another $4 - $6 million to the
project, enabling additional buildings to be included.
The architect for the homeWorks project is Donald King and
Associates. The General Contractor Construction Manager for the
first phase of the project which will involve seven buildings is W.
G. Clark, which successfully completed a similar project with the King
County Housing Authority in 2005.
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