This story was originally posted on MyNorthwest.com
Construction is underway on a new affordable housing development in Lower Queen Anne, which is backed in part by the Amazon Housing Equity Fund.
The project, called Altaire at Queen Anne, broke ground Monday at 118 W. Mercer Street, according to the Urban League of Metropolitan Seattle and SRM Development.
The seven-story building will bring 114 affordable apartments to the neighborhood when completed, according to The Puget Sound Business Journal.
Vacant site in Queen Anne set for redevelopment
The development will include approximately 82,300 square feet of residential and community space, replacing a site that has remained vacant for about five years.
Plans call for a mix of unit sizes, including 44 studio apartments, 52 one-bedroom units, six two-bedroom units, and 12 three-bedroom apartments. Housing will be available to households earning roughly $66,000 to $100,000 per year, depending on family size, or about 60% to 80% of the area median income.
The building will also feature shared common areas and an enclosed parking garage with 20 spaces covering about 8,530 square feet, according to The Puget Sound Business Journal.
Partners expand affordable housing efforts
According to The Puget Sound Business Journal, the project is financed through a combination of public and private funding. That includes a $9.2 million loan from Amazon’s Housing Equity Fund, $20.2 million from the Seattle Office of Housing, $22 million from the Washington State Housing Finance Commission, and a $7.2 million loan from Washington Trust Bank. Additional lenders include Citibank and PNC Bank.
The project team includes Runberg Architecture Group as the architect and SRM Construction as the general contractor, along with several engineering and design firms.