Sound Transit closes sale with Artspace for new development in Rainier Valley
Project at Mt. Baker Station brings new live/work apartments to light rail doorstep
Sound Transit this week completed the sale of land adjacent to its Mt. Baker Link light rail station for a major transit oriented development including live/work apartments above ground floor commercial tenants. Sound Transit closed the transaction with Artspace, a national leader in nonprofit residential development.
This is Artspace's third project in Seattle after successes with the Hiawatha and Tashiro Kaplan Artists Lofts. The new $18 million project will be a mixed-use arts facility containing 57 rental units of affordable live/work space for artists and their families. The ground floor will include a community room and 12 commercial spaces for non-profits, creative enterprises and related businesses.
"We are very proud to be launching our third project in Seattle in support of transit, affordable housing and the creative community," said Artspace Vice President for Properties Cathryn Vandenbrink.
Sound Transit and Artspace entered into negotiations for the property after a competitive public process soliciting qualified development proposals for the Rainier Valley site, located near the intersection of Rainier Avenue South and Martin Luther King Jr. Way South.
"High quality transit helps grow vibrant, livable communities," said Sound Transit Board member and King County Executive Dow Constantine. "We look forward to the Artspace development at this important station and future development opportunities as the light rail system matures and expands."
Artspace currently has about 800 residential applicants on waiting lists for its live/work spaces in Seattle. For more information on Artspace and the Mt. Baker Station Lofts project: www.artspace.org/properties/mtbakerstation
The Sound Transit Board recently adopted updated transit oriented development policies to grow transit ridership by promoting positive land uses and development within walking distance of its stations: http://www.soundtransit.org/About-Sound-Transit/News-and-events/News-releases/News-release-archive/New-policy-to-focus-on-TOD
With headquarters in Minneapolis and offices in Seattle, Los Angeles, New Orleans, New York and Washington DC, Artspace is America's leader in arts-driven community transformation, with 32 projects in operation in 13 states. To date Artspace has completed more than 1,500 affordable live/work units for artists and their families as well as a million square feet of non-residential space for artists, arts organizations and creative enterprises. Additional information is available at www.artspace.org.