Less than one mile east of Link light rail's future Shoreline South/148th Station, a new affordable housing development SRM Development and the Urban League of Metropolitan Seattle is in the works, reports the Puget Sound Business Journal.
The proposed development, called Altaire at Jackson Park, would rise from a .8-acre property at 14343 15th Ave. NE which SRM acquired for $6.8 million late last year. Plans call for a new seven-story building which would feature 207 apartments, ranging from 425 to 1,000 square feet in size, which would be reserved for households earning between 50 and 60 percent of the area median income level.
According to a notice from the Washington State Housing Finance Commission, the estimated cost of the project is $98.6 million. The Business Journal reports that that price tag will be covered through a $30.3 million loan from the Seattle Office of Housing and an $8 million loan from Amazon's Housing Equity Fund, as well as $50 million in tax exempt bond financing, according to the Business Journal.
Other participants in the Altaire at Jackson Park reportedly include designer Olson Projects, with Citibank providing construction financing.
Olson Projects is the designing the project and SRM will build it, the Seattle Daily Journal of Commerce reported. The Urban League is slated to serve as service provider.