Chase donates $750,000 to Yesler Terrace redevelopment
The JPMorgan Chase Foundation gave $750,000 to the Seattle Housing Authority (SHA) for the design and construction of a pedestrian hillclimb connecting Yesler Terrace and Little Saigon.
The hillclimb will run along 10th Avenue South, connecting South Jackson Street to South Main Street. It will open up pedestrian flow between Yesler Terrace, First Hill, Little Saigon and the International District.
The redevelopment will replace the 561 units of housing that 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 SHAwith $7.6 million matching funds to help the agency acquire federal grants. By rezoning, SHA can sell the Yesler Terrace property for $140 million and use the revenue to rebuild housing on a smaller footprint in the neighborhood.
In addition to the hillclimb, the funding will support a feasibility study on a mixed-use development the Friends of Little Saigon requested. The Seattle City Council approved a resolution calling for the city, SHA and the Friends of Little Saigon to create a project with low-income housing, affordable commercial space and a Vietnamese cultural center.
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