After partnering with Heartland LLC last year to seek a development partner, St. Lukes Episcopal Church is moving ahead with partners Bridge Housing and Security Properties to redevelop their land at 5710 22nd NW. The property consists of four parcels with a total land area of 40,000 square feet and is zoned for a wide range of uses including multifamily residential and neighborhood business. The full development will be located on St. Luke’s property which is approximately 55,000 square feet. Two buildings will be developed under one City of Seattle project number and with the same design and construction team.
From the St. Lukes site:
The plan is to develop 80 affordable and approximately 200 market rate apartment homes. The proposed development is comprised of two integrated but separate buildings, along with a new church for St. Luke’s.
The market rate component will also have 20% of the homes affordable, through the City of Seattle Multifamily Tax Exemption (MFTE) program. MFTE units are income restricted for individuals and families earning 60%-80% Area Median Income (AMI). For an individual, 80% AMI is an annual income of $63,350.
The affordable apartment home component will serve families at or below 60% of AMI, which for a family of four is $69,420. If subsidies can be secured, some units will be rented at 30% and 50% of AMI.
The project includes ground-level space for a new church, located at the corner of 22nd Avenue NW and NW 57th Street. The market rate and MFTE apartments will be above the new Church.
There will be an underground parking garage with an estimated 165 parking stalls. No commercial or retail spaces are planned.
From the development proposal:
The proposed development will have a long-term ownership structure and will be built on two parcels owned by this faith-
based organization. This two building project is envisioned as one community with one symbolic design. The market rate building will hold a permanent home for the new St. Luke’s church with an income stream from the market-rate apartments above. The affordable building will provide housing for families in Ballard, and will be the first of its kind in the neighborhood for the past 40 years.
St. Luke’s Episcopal Church, together with their development partners BRIDGE Housing and Security Properties, brings the first affordable family housing project of its kind to Ballard.
The affordable apartment component, developed by BRIDGE Housing, will provide 86 permanently affordable apartments that will serve families at or below 60% of AMI, which for a family of four is $69,420. If subsidies can be secured, some units will be rented at 30% and 50% of AMI.
The market rate component, developed by Security Properties, will have
20% of the homes affordable, through the City of Seattle Multifamily Tax Exemption (MFTE) program. MFTE units are income restricted for individuals and families earning 60%-80% Area Median Income (AMI). For an individual, 80% AMI is an annual income of $63,350.
The immediate surrounding neighborhood has an average median income of $91,288 and currently 39% of total renter households are moderately cost burdened (spend 30% of more of their income on rent) and 11% of total rental households are severely cost burdened (spend 50% or more of their income on rent). In comparison, Seattle-Tacoma-Bellevue cost burdened renters are 45%.
