“We have approved an opportunity to transform the landscape that links Pioneer Square and the International District/Chinatown,” said Capital Budget Committee Chair Dow Constantine, whose district includes both neighborhoods. “Out of this sea of asphalt will grow a great urban community—served by the region’s transit hub—that will invigorate and enrich the historic neighborhoods on all sides.”

“This sale provides the potential to create a community that will be the center of a number of activities and opportunities for a diverse group of people,” said Council Chair Larry Gossett. “This neighborhood will reflect Seattle’s diversity while providing badly needed living-wage housing for the families that are the heart of this region.”

The north parking lot being sold by the County was part of the original Kingdome facility. The County advertised the north lot for sale in 2005, and in June of 2006 selected the proposal from Opus/Nitze-Stagen. The sale price is $10,110,000.

The proposed purchase and sale agreement allows Opus/Nitze-Stagen to work with the Seattle Housing Authority to develop and build a mix of rental and ownership units. The agreement calls for a development containing no fewer than 400 market-rate and affordable housing units, with 100 units considered affordable family housing for purchase (for families earning no more than 100 percent of annual median income as defined by the Federal Housing and Urban Development Income Guidelines for King County) or rental (for families earning no more than 60 percent of annual median income).

In addition to the mixed-use housing, 10 percent of the proceeds from sale of the parcel will be deposited into an arts and cultural development fund for capital fund expenditures. Today’s action authorizes the county executive to complete the sale of the property.