SEATTLE – July 6, 2016 – The Seattle Housing Authority (SHA) and Mill Creek Residential Trust LLC (MCRT) today announced that Mill Creek Residential is purchasing approximately 1.2 acres at Yesler Terrace. The property is located at the southwest corner of the intersection of Yesler Way and Boren Avenue in downtown Seattle. MCR’s planned community includes retail space and approximately 290 residential apartment homes, of which 26.5 percent will be affordable housing.
MCR is the third private developer to purchase property at Yesler Terrace as part of SHA’s redevelopment of the 30-acre neighborhood near downtown Seattle into a mixed-income community. SHA’s master plan includes complete replacement of aging public housing for low-income residents at 30 percent or less of area median income (AMI), the addition of affordable housing for people between 30 and 80 percent of AMI, mixed retail/residential projects by private developers, new commercial office development, a large central park and other open spaces, increased transportation options and enhanced educational and economic opportunities for residents. A U.S. Department of Housing and Urban Development Choice Neighborhoods Grant and funding from the City of Seattle, JPMorgan Chase and select property sales to private developers are supporting construction and developments costs.
Mill Creek Residential develops, acquires, and operates apartment communities in key markets throughout the U.S. “While we are a national company, we immerse ourselves in our chosen markets – living and working in the communities where we operate,” said MCR’s Managing Director Sean Hyatt. “We are committed to building relationships and communities in which people thrive, which is why we are attracted to Yesler as a truly diverse and vibrant community in a desirable location, with existing and planned amenities that will benefit all residents.”
“We appreciate Mill Creek’s innovative approach to housing development, and their appreciation for the unique opportunity that Yesler presents,” said Andrew Lofton, Executive Director of Seattle Housing Authority. “They understand and support our vision for a high-quality built environment where people from all walks of life live, work and connect as part of a dynamic and culturally rich community.”
SHA has notified residents in the portion of Yesler affected by the sale and will work closely with each household over the next 18 months to identify their preferences for new housing. All Yesler residents in older housing have priority in new housing that has been built or is under construction by SHA. They are provided with counseling, moving costs and other services to help them transition to their new homes at Yesler, or another location if that is their choice.
Mill Creek Residential plans to begin construction immediately after the resident 18-month relocation period and existing structures are removed (currently estimated to be late 2017). The new building will be built to LEED Gold standard and will be designed to the Yesler Terrace Design Guidelines, which include among other things ground floor spaces that encourage sidewalk activity, enhanced street frontages and shared landscaped areas.
About Mill Creek Residential
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York, and Boston. Since our start in 2011, we have developed more than 15,000 apartment homes across 50+ communities and acquired more than 2,000 apartment homes in some of the nation’s best apartment markets. In 2016, we expect to deliver an additional 5,000+ homes to our growing portfolio. We’re proud of our people, the places we quite literally build, and the relationships we have with stakeholders across the country. For more information, please visit MillCreekPlaces.com.
About Seattle Housing Authority
The mission of the Seattle Housing Authority (SHA) is to enhance the Seattle community by creating and sustaining decent, safe and affordable living environments that foster stability and self-sufficiency for people with low incomes. SHA provides long-term, low-income rental housing and rental assistance to more than 30,000 people in the City of Seattle. SHA owns and operates approximately 8,000 units at nearly 400 sites throughout the city. SHA also handles more than 10,000 Housing Choice Vouchers, enabling low-income residents to receive rental assistance throughout the Seattle housing market. Approximately 13,000 SHA residents are elderly or disabled and about 9,500 are children. SHA, a public corporation established in 1939, is governed by a seven-member Board of Commissioners, two of whom are SHA residents. Commissioners are appointed by the Mayor and confirmed by the City Council.