SEATTLE—July 7, 2006—Seattle Housing Authority will contribute its expertise in low-income housing and its financing capability to a mixed-use project led by a partnership of the development firm Nitze-Stagen and OPUS Northwest. The development team was named on July 5 as the winning proposer to develop a four-acre site located south of Pioneer Square and north of Qwest Field. The site is currently being used for surface parking.
The site will contain 956 condominiums and apartments. SHA will own and manage 140 apartments for moderate-income workers. “We are excited to be part of this project,” said Executive Director Tom Tierney. “It is an opportunity to add to our stock of work-force housing.” SHA expects to contribute tax-credit equity and bond financing to the apartments it would own and manage.
The 140 apartments that SHA would develop will include one- and two-bedroom units with rents ranging from $875 to $1,020 per month.
In all, the project would include 394 condominiums and row houses, 562 apartments, 1,035 parking spaces and resident-oriented retail and commercial development in 25,000 square feet of street-level space.
At the July 5 ceremonies at the site, both County Executive Ron Sims and Seattle Mayor Greg Nickels praised the development team and the concept. “This has been a vast wasteland of parking,” said Sims, “but it will be transformed into an extraordinary neighborhood.”
The proposed development has received enthusiastic support from Pioneer Square residents, but several organizations that have used the lot for overflow parking and exhibit space during trade shows are opposing the project. Sims, however, expressed confidence that the project would go forward in spite of any opposition. The new development would double the number of residential units in Pioneer Square.