Thursday, the Sound Transit Board agreed to a 99-year lease for land above the new Capitol Hill light rail station with developer Gerding Edlen. The Portland-based company will now begin developing over 100,000-square-foot of commercial, housing, and community space that will include roughly 400 apartments.
It’s Sound Transit's biggest-ever housing development project.
Plans call for residential aspect of the project call for 418 apartments with 38 percent of units available at below market rates for 12 years while 86 units are designated for permanent affordable housing status. A retail "bazaar" fits with the community's desire to see smaller storefronts and independent sellers.
Construction is expected to begin in spring 2018 and could be finished by late 2019.
The big anchor retail space is expected to be a market and currently New Seasons Market and Central Co-op are said to be fighting over the chance to be there. Other spaces will be filled by community and daycare centers as well as a fixed home for the Broadway Farmers Market.
As part of the arrangement, Sound Transit retains a $4.8 million stake in the properties. Gerding will pay annual rent of $222,350 and is on the hook to eventually pay a lump sum of $17,435,000 when it sells the project or by 2033, whichever happens first.