Beacon Development Group is proud to announce the financial closing and groundbreaking of two new affordable housing projects in Everett, WA: HopeWorks Station II and The Colby Avenue Youth Center.
HopeWorks Station II is sponsored by Housing Hope and HopeWorks and is located within the Everett Station District neighborhood on the 3300 block of Broadway in downtown Everett.
This new transit oriented, mixed-use development will provide affordable housing dedicated to serving individuals and small families who enter the residential program through homelessness or who are very low income. It will offer a Workforce Development Center comprised of food-focused culinary training programs, career counseling and confidence building, offering sustainable career pathways. The residential portion of the project will consist of 65 apartments: 28 studios, 27 one-bedrooms and 10 two-bedroom units dedicated to empowering disadvantaged veterans, families and youth towards self-sufficiency. For updated project information please click here.
The list of funders is extensive and includes predevelopment funding from Impact Capital, Low Income Housing Tax Credit equity from Enterprise, construction lending from JP Morgan Chase Bank, a Federal Home Loan Bank AHP award, New Markets Tax Credits allocated from Enterprise and Northern Trust, a bridge loan from Enterprise Community Loan Fund, public funding from the State of WA, City of Everett and Snohomish County, social investors and corporate, foundation and private donors from the community.
The Colby Avenue Youth Center is Cocoon House’s new 31,848 square foot facility that will include a 4,200 SF youth drop-in center, social service and program space, and housing with 40 units for homeless youth and young adults. Cocoon House’s goal in creating this new building is to provide homeless youth in Snohomish County with access to a full array of housing and services in one, safe, secure location. The ground-floor youth day center will include a commercial kitchen, large common room, laundry area, shower rooms, computer room, music room, counseling offices and a visiting nurse primary care office. Cocoon House’s outreach, homeless prevention and administrative offices will also be located on this floor. The 40 units of housing, located on the second and third floors, will include 20 SRO units of transitional housing for 15 – 17 year old youth and 20 units of permanent supportive housing units for 18 – 24 year old young adults. The housing areas include common area kitchens and living rooms for residents to gather, eat and socialize. Twenty-four hour staffing and intensive case management support will also be provided by Cocoon House.
The list of funders includes WA State Dept of Commerce, Snohomish County, City of Everett, City of Marysville, Peoples Bank and Cocoon House.