Construction is set to begin in early 2024 for a new mixed-use apartment complex in Seattle's Othello neighborhood, developer Housing Diversity Corporation announced earlier this month.
Atrium Court, planned for a site at 7324 MLK Jr. Way, calls for the construction of a new eight-story building featuring 271 apartments - all to be priced for renters earning between 50 and 80 percent of the area median income level. Project sponsor O.Z. Navigator has secured $16 million from the Amazon Housing Equity Fund to ensure an income restriction on the apartments for a period of 99 years.
Sidewalk view of Atrium CourtHousing Diversity Corporation / Neiman Taber
“Atrium Court is a great example of leveraging private capital and collaboration to build affordable apartment housing,” said Amazon Housing Equity Fund managing principal Senthil Sankaran in a news release. “It models how the private sector can help build long-term, attainably priced housing and is the type of project that our Housing Equity Fund was created to support. To date, Amazon has invested nearly than $550 million to create or preserve more than 5,500 units in the Puget Sound region.”
Other investment in the project include $15 million from Allivate Impact Capital and CEI-Boulos Capital Management.
The project, which is being designed by Neiman Taber, also calls for 2,344 square feet of ground-floor commercial space, which is slated for neighborhood-serving uses. Housing Diversity Corporation indicated in a news release that it is already in conversations with several small businesses.
Rendering of Atrium CourtHousing Diversity Corporation / Neiman Taber
Other members of the project team include general contractor STS Construction, structural engineering firm Quantum Engineering, civil engineering firm Sitewise, and landscape architect KKLA.
Construction of Atrium Court is slated to begin in January 2024 and conclude by mid-2026.
Outside of Seattle, Housing Diversity Corporation has also developed several similar multifamily residential projects in Los Angeles.
- More affordable apartments coming to Othello (Urbanize Seattle)
