The Seattle Housing Authority (SHA) has two finalists for the Master Development Partner at Yesler Terrace: Vulcan Real Estate, working with Capitol Hill Housing, and Forest City, working with Jonathan Rose Companies.
The Master Development Partner will work with SHA throughout the redevelopment of Yesler Terrace to provide planning and financial support for the project to replace the 70-year-old, Central District housing development with mixed-use apartment buildings and several high-rises.
The project will replace the 561 units of housing that currently sit on 30 acres of land bordering Yesler Way east of Interstate 5. SHA plans to include 100 additional housing units for people living below 30 percent of the area median income and 290 units for people living at 30 to 60 percent of the median income.
The Seattle City Council passed legislation that rezoned the neighborhood and provided SHA with $7.6 million in matching funds to help the agency acquire federal grants.
The rezone allows SHA to sell the Yesler Terrace property for an estimated $140 million and use the revenue to rebuild housing on a smaller footprint in the neighborhood.
SHA will interview the two finalists in December and select one to begin work in 2013.