There continues to be massive investments into the development of housing projects in the greater Seattle area. Highlighted below are some of the exciting projects that are in the works as well as information on the funding of affordable housing units by the Amazon Housing Equity Fund in the Seattle area.
Development Updates in Seattle
Amazon will be funding the construction of 568 affordable housing units through funds they are committing to development organizations led by Black, Hispanic, and Asian leaders. The Amazon Housing Equity Fund was launched in 2021 and so far has committed over $360 million to “create and preserve more than 3,400 affordable homes in the Puget Sound region alone.” The investment from the Amazon Housing Equity Fund will dramatically increase the availability of affordable housing and help ensure that people whose wages have not kept up with increasing rents will continue to be able to access housing in the Seattle area.
GIS Development and New Core Development are moving forward on a 125-unit joint venture project near the Kent/Des Moines Station. This 6 story residential development will also include 1,700 square feet of commercial space and the team is targeting next spring as the start of construction.
Basel Capital received $57 million in construction financing for a Bellevue project they call Cambridge Manor. This project will have 58 units spread between 9 multi-unit townhomes. The developers are targeting December 2023 for completion.
Greystar recently acquired a redevelopment site in the Belltown neighborhood for $29 million. The site is fully entitled for a 287-unit, 24-story project. This property has traded hands a few times since 2015 and Greystar has not announced whether they intend to construct the entitled design, although this project would be an impressive addition to Greystar’s Seattle portfolio.