Plans to Sell Mary’s Boathouse

Today, we’re sharing that we plan to sell Mary’s Boathouse, a six-unit apartment building in Capitol Hill.

The building was given to us in 2020. Originally constructed in 1916, the building includes six apartments and operates without public funding or rent restrictions.

Over the past year, Bellwether evaluated options to continue operating the property, pursue a publicly funded rehabilitation, or sell. That analysis found that ongoing expenses and rising insurance costs are unsustainable given our operating model.

We explored the possibility of a sale with several mission-aligned organizations, with the goal of accessing new resources to make critical improvements and preserve long-term affordability. Ultimately, we did not identify a viable path forward.

Our priority is to support current residents through this transition. Residents will not be required to move before the sale. If they choose to relocate, we will help them identify other affordable housing options, including nearby Bellwether communities. Residents who choose to move before the sale will receive financial assistance from Bellwether.

Proceeds from the sale will be reinvested into Bellwether’s broader development efforts, supporting the creation and preservation of affordable housing in high-opportunity neighborhoods throughout the Puget Sound region. Bellwether is currently building five new developments and completing one rehabilitation project that will add 1,215 new homes in the coming years.

“Ultimately, this comes back to our mission,” Boyd added. “We are focused on creating as many affordable homes as possible, in locations that connect people to opportunity. That requires us to be thoughtful about how we use every resource available to us.”