Seattle’s social housing initiative is officially a reality. Following a unanimous vote by the Seattle Social Housing Developer board, the public authority is set to become the new owner of the Elara at the Market apartment complex.
Located at 2134 Western Ave next to Pike Place Market and the new Waterfront Park, the Belltown building price will come in at $60 million — or $400,000 a unit — a price SSHD officials say is below recent downtown sales for comparable buildings.
Johnson Development, “a multi-division national real estate developer of industrial, multifamily, self-storage, and commercial properties,” has held the property since acquiring it for $8 million in 2015. It opened the Elara to residents two years later following construction.
“As a housing developer, SSHD is different than most. It’s not about profit for us. SSHD believes housing is a public good,” the announcement on the deal reads. “The developer aims to provide high quality housing that fosters community, is inclusive, permanently affordable, and climate forward.” Continue reading













