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Laird Norton Properties, Spectrum Development Solutions and Seattle Children’s are teaming up to add another 176 units of workforce housing to the South Seattle market.
Seattle Children’s will make an impact equity investment of up to $8M in Orenda, a 176-unit workforce housing project. The Seattle Children’s investment will double the original number of housing units set aside for those whose household incomes are 80% of area median income to a total of 72 units. Eighty percent of AMI is between $56K and $80,250.
The rest of the units will be for those who make less than 120% of AMI.
“LNP and Spectrum launched our joint venture to push the envelope on the delivery of workforce housing through unique and innovative partnerships,” LNP President Jim Reinhardsen said in a statement. “With Seattle Children’s Hospital investing with us, it takes the next step in modeling how creative partnerships can effectively deliver much needed workforce housing.”
The seven-story, 230 SF apartment building will have an Odessa Brown Children’s Clinic on the first two floors, as well as a Tiny Tots Development Center.
“We’re dedicated to being a good neighbor,” Seattle Children’s CEO Dr. Jeff Sperring said in a statement. “With this investment in much-needed housing near our clinic, we’re better able to support kids’ health and wellness, while also giving back to the community.”
Impact equity investments are intended to generate a positive social or environmental impact along with a financial return.
“Building workforce housing has become more and more difficult in recent years, which is why this model is both disruptive and catalytic,” Spectrum Development Solutions principal Jake McKinstry said in a statement. “At a time when many cities across our nation are facing housing affordability issues, this project is demonstrating how private and nonprofit sectors can work together in creating new models for the delivery of workforce housing.”
The project is at MLK and Othello, across the street from the Othello Link Light Rail station.
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