Nonprofit, For-Profit CRE Firms Team Up To Add More Affordable Housing At Grand Street Commons
Mt. Baker Housing, Lake Union Partners and HAL Real Estate announced plans to develop the 3.2-acre Grand Street Commons in the Judkins Park neighborhood. The development will include 300 affordable housing units and 400 market-rate units, as long as the city's Mandatory Housing Affordability rezone package continues advancing.
The site was purchased from multiple parcel owners for $19.9M. The multi-block space has been vacant for more than 10 years after having been contaminated by previous businesses. The land is being cleaned up through an innovative Washington State Department of Ecology program.
“We are greatly encouraged by the number of state and city leaders who are in support of creative housing solutions like that of Grand Street Commons,” Lake Union Partners co-founder and principal Joe Ferguson said in a statement. “The Department of Ecology’s ability to assist with the on-site cleanup funding takes a non-workable site and transforms it into an asset for the neighborhood — adding a significant amount of affordable housing where it is needed.”
The 139K SF development will consist of three blocks. It is just south of the Judkins Park Light Rail Station at the intersection of Grand Street and 22nd Avenue S. It will feature 65K SF of retail, including a grocery store, a drugstore and/or medical clinic, as well as small commercial spaces.
