June 21, 2007
King County Executive signs purchase and sale agreement on new South Downtown development
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A 17-year effort to bring housing for diverse populations to the Pioneer Square and International District neighborhoods has become a reality. Today, King County Executive Ron Sims signed a purchase and sale agreement between the county and local developers Opus and Nitze-Stagen Company, in association with the Seattle Housing Authority, to develop 3.85 acres of land in the North Lot of Qwest Field. The development will provide at least 400 ownership and rental housing units for multiple income levels and family sizes. At least 100 of these housing units will be Affordable.
The land was part of the original Kingdome facility. Its sale for $10,110,000 is part of a comprehensive revamp of south downtown Seattle that will include housing, retail, and other community amenities closely integrated with nearby transit options, including trains, buses, light rail, trolleys and ferries. The project will also replace the existing public parking on the North Half Lot, and add new parking to support the King Street Station and the new development.
"It's not often that communities have the opportunity to replace a sea of asphalt with such an amenity-rich development," said King County Executive Ron Sims. "It will bring more people to live, work and play in the Pioneer Square and International District neighborhoods and turn the area into a more vibrant and livable cutting-edge urban village."
King County and the development team have worked closely with community stakeholders such as the Pioneer Square Community Association and the Seattle Chinatown International District Preservation and Development Authority, as well as other regional partners like the Washington State Department of Transportation, the Washington State Public Stadium Authority, and the City of Seattle as the process moved forward. This project will help the City of Seattle in meeting their growth targets under the Growth Management Act and Countywide Planning Policies.
The development will commence prior to July 2008.