SEATTLE — Three years after Seattle voters approved the creation of a public housing developer, the Seattle Social Housing Developer announced Friday its intent to purchase a luxury downtown apartment complex.
Speaking from Pier 58, interim CEO Tiffani McCoy announced the developer’s acquisition of Elara at the Market, a privately owned building with 150 units near Pike Place Market and Waterfront Park at 2134 Western Ave. The purchase, expected to close in June, would create mixed-income housing.
“We will fill the first 15 vacancies with households at or below 30% of the area median income,” McCoy said. “The next 45 units will be filled with households with incomes between 30% and 50% of the median income.”…