Housing Diversity Corporation Announces 2024 Construction Start of 7324 MLK Jr. Way: A Diverse Vision for Seattle’s Othello Neighborhood
In a significant stride towards fostering housing diversity in Seattle’s Othello neighborhood, Housing Diversity Corporation spearheads the commencement of construction for Atrium Court. The eagerly awaited eight-story, mixed-use housing development is set to transform the landscape, bringing forth a harmonious blend of community-centric living spaces and retail options. Anticipated to break ground in January 2024, this innovative venture is projected to culminate by mid-2026, contributing 271 thoughtfully crafted apartments that cater to individuals and families earning between 50% and 80% of the area median income (AMI).
Transit-Oriented Design
Situated strategically, merely a block away from the Othello Link Light Rail Station, Atrium Court is designed with a keen focus on transit-oriented living. This architectural marvel aims to seamlessly integrate convenience and accessibility, fostering a lifestyle that prioritizes easy commuting and community engagement.
Affordability at the Core
The cornerstone of this visionary project lies in its commitment to affordability. Bolstered by a $16 million investment from the Amazon Housing Equity Fund, Atrium Court ensures that all 271 apartment units will remain income-restricted for an impressive 99 years. This strategic collaboration champions the creation of long-term, reasonably priced housing solutions, aligning perfectly with the ethos of the Housing Equity Fund’s mission.
Collaborative Investment Initiatives
Underscoring the significance of collaboration, Atrium Court receives a substantial boost through partnerships with key entities. The investment vehicle jointly sponsored and managed by Allivate Impact Capital and CEI-Boulos Capital Management injects $15 million as the project’s largest equity investor, leveraging the Opportunity Zone incentive to invigorate historically underinvested communities like Seattle’s Othello neighborhood.
Visionary Leadership and Community Impact
Brad Padden, Founder & CEO of Housing Diversity Corporation, emphasizes the pivotal role of collaborations such as Amazon’s Housing Equity Fund in advancing essential projects. With a focus on revitalizing underdeveloped communities, this transformative venture is poised to set a new benchmark in providing transit-oriented, affordable housing options within the vibrant multicultural tapestry of Seattle’s Othello neighborhood.
Addressing the Housing Supply Gap
Amidst a backdrop of declining new apartment application permits in the City of Seattle, Atrium Court assumes a pivotal role in bridging the housing supply gap. With a clear vision to counter the escalating costs of in-city living, this development project emerges as a beacon of hope, offering a diverse range of housing options crucial to the city’s evolving landscape.
Embracing Community and Commerce
Atrium Court’s ethos extends beyond residential offerings, encompassing 2,344 square feet of ground-floor retail. Housing Diversity Corporation remains committed to fostering an authentic neighborhood experience by engaging with local businesses that align with their vision for community-oriented placemaking.
Collaborators Shaping the Vision
The project’s success owes much to the collaborative efforts of esteemed partners, including STS Construction as the General Contractor, Neiman Taber Architects as the Architect, Quantum Engineering as the Structural Engineer, Sitewise as the Civil Engineer, and Karen Kiest Landscape Architects, each contributing expertise to shape Atrium Court’s innovative design.
About Housing Diversity Corporation
Housing Diversity Corporation stands as a trailblazing Multifamily Real Estate and Qualified Opportunity Fund manager. With a portfolio spanning 23 real estate development projects and the creation of 2,800 new multifamily apartments across the Pacific Northwest and Southern California, HDC, under the leadership of principal Brad Padden, continues to champion inclusive, diverse, and community-centric living experiences.
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About the Author
Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.
