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REDMOND, WA-Ground breaking ceremonies are being held today for an experimental mixed-use development that will place 308 moderately-priced apartment units and a 4,500-sf day care facility above the Overlake Park-&-Ride lot located at 2650 152nd Ave. N.E. in Redmond.

The $40 million project is being developed by a public-private partnership including the King County Housing Authority and Transportation Department, the city of Redmond, the federal government, the Bank of America, and Langly Properties, which is managing construction of the project. The project is expected to be completed in the spring of 2002.

The apartments are aimed at renters earning about $40,000, which is about 60% of the area’s median income of about $65,000 for a family of four. The partnership hopes the development will help solve traffic congestion by minimizing the need for cars.

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