Capitol Hill Housing (CHH), with the Jonathan Rose Cos. (JRCO), has purchased a 60-unit mixed-use building in Seattle’s Central District. The $11.25 million deal solidifies CHH’s intention to deepen housing affordability in the neighborhood.
The developers purchased Squire Park Plaza from the Central Area Development Association (CADA) following several months of conversations.
“Capitol Hill Housing is proud to take on ownership and stewardship of this building,” said Christopher Persons, CEO of CHH. “We are committed to maintaining affordability in the apartments at Squire Park Plaza for the long term.”
Half of the Squire Park apartments are reserved for working individuals and families earning between 50% and 80% of the area median income for King County. CHH will extend this affordability for a minimum of 50 years. The development also has local retail spaces at the street level, which contribute to the vibrancy of the neighborhood.
The purchase was financed in part by JRCO’s Rose Affordable Housing Preservation Fund. The acquisition also paid off loans that had been held by CADA, without using scarce Seattle Housing Levy funds.
“Our outcome for Squire Park Plaza is a great example of new models where we can leverage private investment to help preserve affordability in key areas in Seattle,” said Kristin Ryan, head of JRCO’s Seattle office.