This summer, 88 affordable apartments will be up for rent at a prime 12th and Pine location. But given Capitol Hill’s 97%+ occupancy rate, you will have to act fast if you want a shot at moving in this fall.
Leasing information went live this week for the below-market units that will make up the affordable housing component of Capitol Hill’s unique 12th Avenue Arts project. Leasing appointments can be made starting June 9th. Capitol Hill Housing is managing the units, adding it to the nonprofit’s substantial stock of affordable housing around central Seattle.
“We expect demand to be brisk based on interest from the general public we’ve received to date,” said CHH’s David Dologite.
The first come, first served apartment units are reserved for those with household earnings no greater than 60% of the area median income, putting max income eligibility in the ballpark of
$29,000 $37,000 for a single person and and $53,000 for a four person household. Full-time students are excluded.
There are 8 studios that will rent for $817 a month, 72 1-bedrooms that will rent for $883 a month, and the 8 2-bedrooms that will go for $1,031 a month.
The rents appear to be significantly less than market-rate apartments on Capitol Hill. In March CHS reported that the median priced Capitol Hill studio listed on Craigslist was renting for $1,000 a month.
Residents at 12th Avenue Arts will enjoy bright, naturally lit apartments, dishwashers in unit, laundry on every floor, several spacious off street community patios, and secured building access. 2 theatres and multiple retail stores and restaurants will be open in the building for the residents’ and neighborhood’s enjoyment
Along with the apartments, 12th Ave Arts will features spaces for performance, retail, offices, and community gatherings. Construction on project will continue throughout the summer, with an expected opening date of September 30th and a grand opening slated for later in fall.
U:Don Fresh Noodle Station is slated to be part of the building’s restaurant and retail offerings.
Thanks in part to lots of community engagement, affordable housing is a key component of both 12th Ave Arts and the Capitol Hill light rail station development, two of the most prominent projects underway on Capitol Hill. CHH is now poised to manage units in both as it recently made the shortlist to develop one of the station’s affordable housing properties. CHH was also selected to submit a separate proposal to become a master developer of the project along with a New York-based Jonathan Rose Co.
While the affordable units will be a welcomed addition to the neighborhood, they’ll be a drop in the bucket compared to the thousands of market-rate units currently under construction around Capitol Hill.
A report from real estate analysts Polaris Pacific (PDF) showed some 600 apartments under construction on Capitol Hill and in “Central Seattle” as of last month, although the report doesn’t detail the building count — or how it defines “under construction.” CHS reported that there were around 2,500 Capitol Hill units under construction in March, spread across 27 buildings including projects that were about to break ground. Across the entire city, the Polaris report shows 7,366 apartment units under construction and 4,414 apartment units approved — given our count, you can assume there are many more coming.
UPDATE 6/9/14: We heard back from Polaris and you might want to file the map above under untrustworthy navigation. “We consolidated this list by reading through articles from the Puget Sound Business and Seattle Times as well as from blog posts from Curbed Seattle and neighborhood blogs,” a Polaris representative tells CHS. Their roster includes only five Capitol Hill projects: Hollywood Lofts, Lexicon, Stream Belmont, 1650 East Olive, Sunset Electric Apartments, and REO Flats. The list is missing hundreds of coming units on E Pike alone.
Meanwhile the 6-story, 70-unit Stream Belmont at Belmont and Republican is complete and ready for move-ins. The building owners promise a “contemporary, yet contextual aesthetic.” CHS previously reported on the landowners rocky path to developing the project.
And lest Capitol Hill’s older buildings get swallowed up amid the new development boom, upgrade to the neighborhood’s building preservation rules are in the works. The Pike/Pine Urban Neighborhood Coalition is holding a meeting with City Hall officials Thursday evening to discuss changes to the developer incentives that attempt to save character structures and facades in Pike/Pine.