SEATTLE (May 4, 2020) – Real estate development firms Hatteras Sky and Trent Development along with capital partner Bridge Investment Group are set to construct an Opportunity Zone mixed-use mid-rise apartment project in downtown Seattle at 12th Avenue and East Yesler Way within the Central District. The project will feature 274 units and more than 8,100 square feet of ground floor retail. Much of the retail will be programmed as a commissary kitchen to service the food truck industry as well as providing unique opportunities for pop up food service. The 12th & Yesler project will participate in Seattle’s Multifamily Tax Exemption program, which requires 20% of the units to be dedicated as affordable. Construction on the 1.09-acre site is anticipated to begin summer of 2020.
The project is designed by Clark Barnes Architecture and Blanton Turner will be the property manager. Led by art curator William Gaylord of BONFIRE art+culture+design, the community will feature a significant quantity of public art pieces focused on the cultural heritage of the neighborhood.
“We are excited to be providing much needed workforce housing to a strong community that is in close proximity to jobs and public transportation,” said Patrick Ashman, Principal of Trent Development.
“The Yesler Terrace neighborhood has been recently reenergized, driving an increase in housing demand and a need for developments like this one,” said Oz Friedmann, Managing Director of Development for Hatteras Sky. “12th Avenue and Yesler sits on a prominent transit corridor near downtown Seattle next to existing employment centers as well as lively shopping, dining and entertainment centers at the nexus of First Hill and the International District, making this a very attractive development opportunity.”
The development program includes a rooftop terrace, pet spa, fitness center, coworking spaces and resident lounge. In-unit amenities are set to include in-unit laundry, stainless steel appliances, private balconies, and views of downtown Seattle and Mount Rainier. The grounds will feature lush shaded sidewalks, manicured planters and outdoor patio space for street level retail.
With a walk score of 94 and transit score of 100, the site at 12th Avenue and Yesler provides an amenity-rich neighborhood for future residents with pedestrian-friendly sidewalks, highly accessible transportation and nearly 500 retail, dining and entertainment venues within walking distance. The project is in close proximity to CenturyLink and Safeco Fields as well as the Seattle Waterfront where $724 million in revitalization projects are expected by 2023. Seattle is the heart of the Puget Sound Region, the commercial, financial and cultural center of the Pacific Northwest, and is widely known as a global economic hub.
ABOUT HATTERAS SKY
Hatteras Sky is a commercial real estate development firm based in Atlanta that was founded by Jason Cordon and Amy Kelly. The group specializes in tax-incentivized and conventional development, focusing on opportunity zones, affordable housing, and historic rehabilitation. Currently, the development pipeline totals more than $1.3 billion dollars for all Hatteras Sky projects.
Read the Puget Sound Business Journal article HERE.
Learn more about Hatteras Sky and our targeted Seattle based projects HERE.