The Seattle City Council recently approved the 2nd Redevelopment Opportunity Zone (ROZ) in Seattle’s history for the 700-unit Grand Street Commons housing development near the future Judkins Park light-rail station. The ROZ designation means that this innovative $20 Million private/non-profit partnership (Lake Union Partners and Mt. Baker Housing, respectively) now has direct access to state funds to build a 700-unit development—with about half of those units earmarked for affordable housing. These 350 future units, together with the 160 units planned at The Maddux (the City’s first ROZ zone near the Mt. Baker light-rail station), brings 500+ ROZ-designated affordable housing units coming online in the next five years in South Seattle.
The 700-unit Grand Street Commons is a unique private/public partnership, where approximately half the units will be affordable housing. The cleanup for this brownfield site is being led by Aspect and funded by a new approach to access money specifically for affordable housing projects.
Aspect, with law firm Perkins Coie, has helped Mt. Baker Housing pioneer this ROZ model to unlock state-backed grant funding in a first-of-its-kind model. Recognizing this success, the state introduced the Healthy Housing Program this fall– earmarked specifically for affordable housing developers looking at restoring land at brownfield sites.
Learn more about new approaches to restore land and find solutions for our affordable housing crisis here: www.aspectconsulting.com/affordablehousing.