Seattle residents will soon welcome a number of newly opened apartment complexes, while other affordable housing developments are just kicking off. The projects will satisfy the growing demand for affordable housing in the area and address the larger housing crisis spreading across the United States. Amazon has backed another affordable housing development with a $10 million loan, Great Expectations have just opened their new affordable housing apartments, and Habitat for Humanity is venturing into affordable housing vertical development. Here's a peek into the area's most recent real estate updates.
Affordable developer, GMD Development, will begin construction on a $90 million affordable housing development in Seattle's Northgate neighborhood next spring. Named "Victory," the development has been backed by Amazon with a nearly $10 million loan. GMD aims to break ground on the project in spring 2024, adding 184 more units (and retail space located on the ground floor) to the 600 units they have already developed in the Puget Sound region.
Just under two years since real estate firm Great Expectations began the development of its 50-unit affordable housing apartment, the development has opened near Seattle University. The 25,000 sq. ft. building was almost completely pre-leased before opening. Ground-floor retail space has been built to increase affordability, including a bakery, coffee shop, and barber for tenants.
After completing its first vertical build in Seattle this April, Habitat for Humanity has just begun construction on its second vertical project: Olympic Ridge. This new condo complex will have 17 units spanning five floors. Habitat will also develop a third affordable housing project in Columbia City, creating 58 permanently affordable units in the area.