Real Estate: 280+ units of mixed-use Multi-family + retail/office in Seattle core.
Total Project Costs: $95M-$110M
Targeted 10 Year IRR: 14-17%
Sponsor: Qualified local sponsor with successful development track record.
Brief Summary:
12th & Yesler development opportunity is a 47,447 SF site in the nexus of First Hill and the International District, just
minutes to Downtown Seattle. The proposed project will consist of 280 residential units and roughly 10,083
SF of commercial/retail. The project is eligible to participate in the Opportunity Zone Program which
can delivers tax advantages to investors. In addition, the project will benefit from Seattle’s
Multifamily Tax Exemption program, which will waive property taxes on 100% of the residential
improvements in exchange for 20% of units being dedicated as workforce housing.
The site is ideally located within walking distance to the Downtown Seattle Central Business District,
and provides an easy commute to all major regional employment centers through public transit and
highway accessibility. It sits on a prominent transit corridor with car counts of roughly 22,000 a
day, while the Seattle Streetcar also passes by the site as often as every 10 minutes during peak
hours. Not only is it a great location for residents to live close to where they work, but with its
high visibility and high traffic counts it is a very sought-after retail/office location as well. With a
Walk Score of 94, and Transit Score of 100 – everything a future tenant requires is within
walking distance, and everything else can be accessed by using Seattle’s well-connected
and reliable transit system.
Project Timeline
Start of construction: Q2 2020
Completion Date: Q3 2022
Stabilization: Q2 2024