Image Credit: William Wright
Compass on Dexter
Compass Housing Alliance
Address: 756 John St, Seattle, WA
Completion Date: 2014
Program: 74 apartments and 4,500 square feet of commercial space
Funding Sources: City of Seattle, WA State HTF, WSHFC 9% LIHTC (Union Bank), FHLB AHP, Construction Loan (Union Bank)
Population Served: Low-income up to 30%, 40%, and 50% AMI
Total Budget: $23,000,000
Green Certification: Evergreen Sustainable Development Standard
Contractor: Walsh Construction Co.
Situated in the rapidly growing South Lake Union neighborhood of Seattle, Compass on Dexter provides a large proportion of 2- and 3- bedroom units, together with supportive services and resident management staff, primarily for families who are homeless or at risk of homelessness. The ground level includes service-related office space, tenant common space, and Compass Housing Alliance offices. At the second floor, a large east-facing courtyard with play equipment provides shared open space for residents. Compass on Dexter secured very aggressive financial proposals from multiple investors, enabling Compass and Beacon to negotiate a project that preserves public resources. By leveraging such beneficial private financing, the project was able to return money to funders while achieving all project goals of the client.