Sound Transit is finally ready to sell off the first of five properties surrounding the Capitol Hill light rail station that will transform Broadway and serve as a new gateway to Capitol Hill.
The board is expected to approve the $2.65 million sale (PDF) of Site B-North to developer Gerding Edlen during its Thursday afternoon meeting. The Portland-based developer previously selected Capitol Hill Housing to develop and own an 86-unit affordable housing project on the site, which runs along 10th Ave between John and Denny Way.
UPDATE (4:35 PM): Sound Transit board members approved the Site B-North sale agreement during their Thursday afternoon meeting. Despite a Sound Transit staffer reminding the board the action was “a very, very big deal,” the approval was rather unceremonious as one member had to be pulled in from the hallway to make a quorum for the quick vote. There was no board discussion of the measure.
“The Capitol Hill community has repeatedly and strongly expressed its desire for affordable housing,” said Brie Gyncild, co-chair of the Capitol Hill Champion community group. “We need truly affordable housing as soon as possible and we near it near the light rail station.”
According to Gerding’s winning proposal, half of Site B-North’s units will be restricted to households making no more than 30% of the area median income. The other half will be made affordable to households at or below 60% of AMI. A quarter of the units will have two or three bedrooms. Initial plans call for a community center and a daycare, as well as a rooftop deck and computer lab.
The $2.65 million price tag for the “transit oriented development” “Site B North” comes just under Sound Transit’s estimated price last year. A substantial percentage of the proceeds will go towards paying back federal transportation grants that were secured for the project.
In August, the board is expected to approve land leases for three other sites so Gerding Edlen can move forward with its plan to build 100,000 square feet of commercial, housing, and community space. Seattle Central College has been given a right of first refusal to develop a fifth parcel, Site D, due to the site’s location directly next to the school’s Broadway promenade. Continue reading