Seattle Social Housing Developer buys $60M apartment building

Three years after Seattle voters approved the creation of a publicly owned social housing developer — and later approved a new tax on high earners to fund it — the organization has made its biggest move yet: purchasing a luxury apartment building steps from Pike Place Market for $60 million.

The acquisition of the Elara at the Market marks the first major property purchase by the Seattle Social Housing Developer, which plans to convert the 150-unit building into permanently affordable housing.

Supporters argue the deal reflects the financial reality of building housing in Seattle’s expensive market and may ultimately cost less than constructing a similar project from the ground up.
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For more on the story: https://komonews.com/news/local/seattle-social-housing-developer-buys-60-million-dollar-apartment-building-elara-150-unit-building-affordable-housing-pike-place-market-apartments-2021-per-unit-price-luxury-complex
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Chris Daniels

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Видео Seattle Social Housing Developer buys $60M apartment building канала KOMO News