Africatown Plaza
Overview
| Deal Type |
Construction Low Income Housing Tax Credits |
|---|---|
| Size |
$77.3 Million |
Summary
Africatown Plaza is a seven-story, 126-unit housing development, designed by GGLO, DREAM Architects and David Baker Architects, located in Seattle’s Central District. Responding to the community’s need for more affordable housing for families, and with an aim to stem the tide of displacement impacting the African American community, the building will provide 59 studio apartments for households earning up to 50% of the area median income (AMI). There will also be 36 one-bedroom and 31 two- and three-bedroom units for households up to 60% AMI. Heat, hot water, potable water, sewer, and trash collection will be provided by the landlord.
The approximately half-acre building site is the former Umoja PEACE Center where the Africatown Seattle movement was birthed over 10 years ago. The building’s ground floor will contain office space for Africatown Community Land Trust’s new headquarters, an affordable space expected to house a commercial kitchen to be used by local culinary entrepreneurs, a community room, and bike storage. A standing art collection will focus on healing, restoring, and celebrating Black and Pan-African communities in the Central District.
Africatown Community Land Trust (ACLT) and Community Roots Housing (CRH), the sponsors, are working to maximize the participation of African American contractors and subcontractors to create economic opportunities for the community during the construction process. The general contractor group is a joint venture of Absher and MAD Construction. MAD is an African American-owned general contractor. In addition, 30% of the total value of the mechanical, electrical, and plumbing work has been awarded to Adept Mechanical & General Contracting, an African American subcontractor.
KeyBank Community Development Lending and Investment is providing $37.4 million of construction financing and $14.2 million of permanent financing, and Key Community Development Corporation is providing $25.7 million of low income housing tax credit equity.
In addition to $1.26 million raised by ACLT and CRH, the City of Seattle’s Office of Housing provided $13.4 million in acquisition and construction financing and The City of Seattle’s Office of Planning and Community Development provided $1.6 million in Equitable Development Initiative funds, with a further $2 million in construction financing from King County’s Transit Oriented Development Program.
