(Rendering by Atelier Drome Architects)
4:30 PM: Redevelopment has been in the works for the former auto-shop site at 9201 Delridge Way SW for six years. The project plan, and ownership, have changed along the way. Now the current developers, Housing Diversity Corporation, say that groundbreaking is expected within about two months for the five-story, 74-apartment development they’re calling Keystone. That’s part of an update we received this afternoon announcin “the closing of debt and equity” for the project, which explains in part:
Financial partners for the project include First Fed as the senior lender with a $5 million loan, Nuveen Green Capital as the Commercial Property Assessed Clean Energy & Resiliency lender with a $9.74 million loan, and Citizen Mint, a private markets platform for wealth advisors, who raised $5.18 million of equity from impact-minded wealth managers and high-net-worth individuals. …
The C-PACER program in Washington provides lower-than-market-rate debt for projects that are able to achieve high energy and resilience standards above code in an effort to encourage environmentally focused building practices. The seismic, plumbing, and thermal standards met by the development allowed the partnership to use C-PACER financing to cover 40% of the project’s overall cost at a favorable construction loan interest rate in the mid-7% range.
HDC’s partner in building Keystone is West Seattle-headquartered STS Construction Services (WSB sponsor), as is the case for the 115-apartment building under construction at 3405 Harbor SW and other projects on the drawing board, with Atelier Drome as the architect. The announcement says that “100% of the units in the development are priced at or below 80% of area median income, including 15 more deeply rent-restricted units made possible through Seattle’s Multifamily Tax Exemption Program.” The project will include 4,207 square feet of commercial/retail space and will not include offstreet parking; none is required as it’s close to frequent transit (RapidRide H Line). The project finished going through Design Review in 2021, under the alternate address 9208 20th SW.
5:39 PM: We went over to look at the site right after publishing this story, and discovered work already has begun:
The old building was demolished sometime since we last went through that area several days ago.
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