We are thrilled to share that Bellwether Housing broke ground on our second development in as many weeks. Yesterday, we gathered in the parking lot of 1511 Dexter Avenue (Seattle) to celebrate as we begin construction on Anchor Flats. This is our first development off South Lake Union and it will provide 71 affordable apartments to individuals and families – all close to downtown. Seattle Mayor Ed Murray and Seattle Councilmember Mike O’Brien attended and shared a few words about the importance of this particular building, the first affordable apartment building in this area. Both were joined by more than fifty other supporters.
Seattle City Councilmember Mike O’Brien, Seattle Mayor Ed Murray, Bellwether Housing’s Real Estate Development Program Manager, Becky Bicknell, Bellwether Housing’s Director of Real Estate, Susan Boyd, Brian Runberg, Principal of Runberg Architecture Group, and Harry Matsumoto, Vice Chair of the Bellwether Housing Board unearth affordable housing in South Lake Union.
This groundbreaking was also a celebration of a novel tool that Bellwether created, resulting in a new approach to funding affordable housing. Anchor Flats is the second development supported by Seattle’s Future Fund, a tool we launched in 2014. $1.9 million has been raised from local, socially motivated investors to finance the construction of Anchor Flats and many were in attendance. “These investors will receive a modest financial return and will know that their investment is helping to create an inclusive community in which all people can thrive,” explained Susan Boyd, Bellwether’s Director of Real Estate Development.
Yesterday marked a turning point for Bellwether. We purchased this parking lot in 2011. For five years, we have been focused on transforming this it into something that can be so much more. The wait is over. Anchor Flats is slated to open its doors in March of 2018.
See more about our groundbreaking here:
Ground to be broken on affordable housing in South Lake Union
Bellwether Housing breaks ground on another affordable housing project, this time in Seattle’s South Lake Union
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