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August 13, 2014

Seattle Housing Authority seeks buyer for 4 acres of land

King 5 News

SEATTLE - Seattle Housing Authority is putting the 'for sale' sign on properties at the northern edge of Yesler Terrace.

The four acres of land near Alder Avenue and Broadway is close to Harborview Medical Center, downtown Seattle, and lots of transportation. Stephanie Van Dyke, Seattle Housing Authority's Director of Development, said it is a very rare opportunity.

"We are looking for one of those companies that really wants to put down roots in Seattle in a very major way, and you know tech is a big part of the industries that are coming here now but may not be the only one," said Van Dyke.

Mock ups show a business campus with several buildings or a couple towers, up to 300 feet tall. The land is being advertised to companies in cities like San Francisco.

"I think San Francisco is astonishingly expensive and while we are expensive we are not near there," said Van Dyke. Commercial real estate broker Kidder Mathews is working to find potential buyers.

Currently, people are living in about 130-affordable, residential units on the Yesler Terrace site. "They will continue to live there until we feel like we have a real deal," said Van Dyke.

At that point, the housing authority will help relocate residents who will receive 18 months notice before they have to move. New affordable housing is being built at Yesler. Proceeds from the sale of the land will go toward low-income housing, according to Van Dyke. Seattle Housing Authority is currently redeveloping Yesler Terrace. Learn more here:

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