By Cormac Wolf, CHS Intern
After a San Francisco development firm backed out of plans to build an eight-story apartment complex, the Seattle developer of five parcels of land north of Cal Anderson Park has pivoted and is proposing an affordable housing project. The challenges and opportunity are indicative of the the difficulties of developing new housing in Seattle — even if the apartment units could help address the city’s housing crisis with 180 new affordable units.
Ben Maritz, founder of the Great Expectations development company, says their new vision is still tentative this early in the process, but it includes a housing development with around 180 affordable units, a coffee shop and a daycare, both of which he points out are lacking in the immediate vicinity to Capitol Hill Station.
We reported earlier this year on Carmel Partners backing out on a previously planned market-rate apartment development despite millions in sunk costs due to economic condition in the city: high interest rates and higher construction costs.
Carmel’s exit left Maritz’s funding in limbo. His best hope going forward is pursuing an affordable housing project, as it brings a suite of public funding not available to other projects, though he says the application will be competitive.
“We’re not the only ones with this problem,” he says. “I’m sure many other people will have the same idea, and there is a lot of funding but not infinite funding.” Continue reading