First Private Portion of Yesler Terrace Redevelopment Completed

 SEATTLE—Anthem on 12^th, the first private development that is part of Seattle Housing Authority's Yesler Terrace Redevelopment, has been completed. Spectrum Development Solutions and Gracorp Capital Advisors, worked in partnership with housing authority on the endeavor. Located at 103 12th Avenue in the First Hill neighborhood, Anthem is a LEED Gold, six-story transit-oriented project that consists of 120 contemporary apartment homes with studio, one, and two bedroom units.  Unprecedented for private development, all 120 units are workforce housing with 30% of the 120 units reserved for households earning 65%-85% of area median income (AMI).

An ideal location for the urban dweller, Anthem in one block from the street car and includes a Pronto bikeshare station and bike storage in every unit. It also includes 4,000 sq. ft. of ground floor retail to encourage sidewalk activation, a gym, and a rooftop deck with p-patch gardens, entertaining areas, barbecues, and a dog run. No public subsidies were used to build Anthem, aside from accessing the city of Seattle's Multi-Family Tax Exemption program. 

Anthem is also the first building to open as part of Spectrum's uniquely designed trifecta of transit oriented development (TOD) apartment buildings that will bring a total of 280 new workforce housing apartments to the neighborhood for teachers, medical professionals and others with 25% of the apartments dedicated for households earning between 65% - 85% of AMI.  In Seattle, the AMI is $61,800 for one person and $70,600 for a family of two.

“This project proves that private developers can build affordable housing that is within reach for working people and families,” said Seattle mayor Ed Murray. “As my Housing Affordability committee completes it work in June, we'll be seeking recommendations that support more developments like Anthem throughout the city.”

“We are very pleased to partner with Spectrum Development Solutions,” said Andrew Lofton, executive director of Seattle Housing Authority (SHA). “As the first private residential building to open as part of the Yesler Terrace redevelopment, Anthem symbolizes our vision for a mixed-income community that increases housing availability for people at all income levels.”

“As a community focused firm, we believe that creating housing for a wide range of incomes is critical to the future of our city and the diversity of our neighborhoods,” stated Jake McKinstry, principal of Spectrum Development Solutions. “As someone who grew up in Seattle, it's what density and new development was supposed to provide - affordable housing options near job centers. At 40-percent leased, we are really pleased to open Anthem as a success story.”

During construction, Spectrum worked with Seattle Housing Authority and Walsh Construction to develop their own social equity construction program which resulted in 100% of all new construction jobs on the site going to individuals making 80% or less of AMI and 25% of the subcontractors hired were women or minority owned businesses.  Spectrum is implementing these same goals for buildings that will be named Decibel and Reverb.

Project Team:

Finance: Gracorp Capital Advisors & Bellwether Enterprise

Developer: Spectrum Development Solutions

Contractor: Walsh Construction

Architecture: Mithun

Landscape: Hewitt

 Spectrum Development Solutions is a real estate advisory and development firm comprised of innovators.  We have successfully been involved with almost $1 billion mixed-use, multifamily, student housing and transit oriented development in the Northwest. 

Yesler Terrace is a 30-acre site near downtown Seattle that was developed by the SHA in the early 1940s as the city's first publicly subsidized housing. As it became evident in recent years that the infrastructure and aging housing units needed to be replaced, SHA began a conversation with residents, surrounding neighbors, city officials, key partners and the citizens of Seattle. A vision took shape for transforming Yesler Terrace—with its central location close to jobs and transit options, and beautiful views of Mt. Rainier and downtown Seattle—into a model community. In 2013, the revitalization of Yesler Terrace began. What is emerging is a dynamic, mixed-income community that honors the neighborhood's history and cultural richness while creating safe, healthy and sustainable affordable housing, attractive new parks and open spaces, increased transportation options and enhanced economic opportunities.