Last month the Pike Place Market Preservation and Development Authority (PPMPDA) successfully closed its financing for the $9.6 million Western Avenue Senior Housing, the residential component of their ongoing $73 million MarketFront development project. As development consultant on Western Avenue Senior Housing, Beacon Development Group assisted the PPMPDA in assembling and closing the complex financing from U.S. Bank Community Development Corporation, the City of Seattle, the Washington State Housing Finance Commission and King County. The Miller Hull Partnership designed the project.
Meanwhile, Sellen Construction poured the final slab on grade for the MarketFront project in mid-February. Reaching this construction milestone was significant because it triggers the construction of the elevated decks of the garage structure, atop which the 40-unit residential structure will eventually be built to house low-income seniors.
Now with financing in place, construction on the housing can begin in May, with completion scheduled for December 2016. The 40 apartments will be available to seniors making up to 30% and 50% of area median income, with seven of the units designed to accommodate low-income senior artists and vendors.