Vulcan Real Estate is putting money where its figurative mouth is, finalizing the purchase of a block at the corner of Broadway and Yesler Way in Yesler Terrace for $5.92 million with plans to build a mixed-use building as part of a bigger complex. Part of the 123 Broadway complex, this building was approved by the design review board in November. Plans call for 194 apartments, one live-work unit, 2,387 square feet of retail space and 127 parking spots. Roughly 20 percent of the residences will be made available to tenants making less than 80 percent of area median income. A rep has said that the developer wants to begin construction the middle of next year and expect to finish within 20 months. Vulcan has plans to buy two more parcels of land from the Seattle Housing Authority and eventually bring 650 units of market-rate and affordable housing units to the area. When it's all said and done, the 3.7-acre purchase will run Vulcan $22 million.
· Vulcan buys Yesler Terrace site, plans to build 650 new apartments [PSBJ]
· Vulcan's First Yesler Terrace Mixed-User Looks For Approval [CS]
· All 123 Broadway coverage [CS]