Archives for October 2017

Africatown and Forterra name developer in project to create affordable housing and neighborhood-based businesses at 23rd and E. Union  Capitol Hill Housing joins effort to build up to 130 highly affordable homes in heart of Seattle’s historically African-American Central District Africatown Community Land Trust and Forterra today announced that Capitol Hill Housing and Africatown Community Land Trust have created a new entity, Africatown Plaza LLLP, to develop a portion of the Midtown Center block secured earlier this year at 23rd and E. Union.   Midtown Center is at the heart of Seattle’s historically-Black Central District, a community shaped by restrictive housing covenants and redlining. Upon being put up for sale, it brought to a head tensions around gentrification and displacement while providing a unique opportunity for city goals around equitable development and community-based efforts to create inclusive development solutions in the face of intense redevelopment pressures.  Africatown Community Land Trust — led by young Black leaders with deep roots in the Central District, and committed to the cultural and economic vitality of Seattle’s African diaspora through community ownership of land — approached Forterra for help. Forterra uses real estate and relationship-building skills acquired over its 25+ years to secure the keystone places — wild, rural and urban — needed for a sustainable, equitable future in the region.  After other deals foundered, Lake Union Partners successfully purchased the full Midtown Center block for $23 million in May. Simultaneously, they agreed to enter

into a Purchase and Sale Agreement with Forterra, on behalf of Africatown Community Land Trust, for twenty percent of the site, or about a half-acre of land. To see the project built, however, required a community-minded development partner. Over the summer, Forterra supported Africatown’s efforts to select Capitol Hill Housing, a 41-year old community organization and affordable housing developer, as a partner. The three organizations then worked collectively to complete due diligence, and take preliminary steps to establish affordable housing and neighborhood-based businesses on the south end of the block, facing Spring Street.    Forterra has now officially assigned the property to the new Africatown Plaza LLLP— the joint-venture between Africatown and Capitol Hill Housing. Together, Capitol Hill Housing and Africatown Community Land Trust will work together to develop the property. Groundbreaking is slated for late 2019.   Capitol Hill Housing is known for working alongside the community to produce projects that not only provide high-quality, affordable apartments, but also reflect community priorities. They currently offer an affordable home to more than 2,000 residents in 48 buildings throughout the city. Capitol Hill Housing is working with Africatown Community Land Trust and other community groups on the Liberty Bank Building, an affordable development that carries forward the legacy of the historic Liberty Bank and helps realize community goals around anti-displacement, ownership and small business development. The Liberty Bank Building broke ground this summer and is now rising across from Midtown Center.  While consultation with the community continues, Africatown Plaza is currently envisioned as a seven-story, mixed-use building with up to 130 units and about 3,000 square feet of ground-floor retail, together with cultural and community spaces, including a rooftop deck. All of the units will be permanently affordable, with rents set at levels affordable to families making 30 to 60 percent of area median income. Africatown is also exploring home ownership opportunities at the site.  “We’re working to maintain fertile ground where a Black community that has been here for over 130 years can grow and thrive in place, says K. Wyking Garrett, President of Africatown Community Land Trust. “It’s time to reaffirm the many ways that Black lives matter — socially, culturally, and economically. But for that to occur, ownership is crucial. We’re grateful to Forterra for standing side-by-side with us during tough negotiations, and ensuring we have a meaningful stake in a project that sets a new standard for inclusive development in this relentlessly growing city. We look forward to deepening our work with Capitol Hill Housing to maximize this opportunity.”  The project has received essential support from the City of Seattle, including a $4.5 million loan from the Office of Housing through the Seattle Housing Levy which helped Africatown Plaza LLLP to acquire the site on October 6th.

“This partnership between Africatown, Forterra, and Capitol Hill Housing builds on the deep roots of the African-American experience and the historic contributions of the Black community in the Central District and Seattle,” comments Brian Surratt, head of Seattle’s Office of Economic Development. “Midtown Center, along with the redevelopment of the Liberty Bank building, is central to the City’s vision for 23rd and Union by creating much-needed affordable housing and space for community advocates.”  “Africatown Plaza can be the keystone of a thriving new Central District, even as it grows and changes, says Michelle Connor, Executive Vice President of Strategic Enterprises at Forterra. “This acquisition keeps faith with people who, despite adversity, have created one of the most culturally-rich neighborhoods anywhere. It’s been an honor to secure this highly-contested property on behalf of the community, and we stand ready to support our partners as they take on the development phase.”  “Forterra and Africatown Community Land Trust have set the stage for a project that reasserts the character of this historic neighborhood, and demonstrates the generous soul of our fast-changing city,” said Christopher Persons, CEO of Capitol Hill Housing. “Africatown’s compelling vision and unwavering dedication, together with Forterra’s skill at bringing people together and persevering through challenging negotiations, have created an inspiring opportunity. We’re excited to join forces, and contribute our development and management expertise to help bring more affordable homes to the neighborhood while supporting Africatown’s growth and capacity for this and future projects.”