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Multi-Family tax exemption Affordable housing funding models are complex Leading with strong requirement, can kill projects, development pressure is high Separate meeting with commercial developers was held by staff Skanska- Downtown Seattle, Bellevue spring district Madison – west Seattle mixed use projects It’s too expensive to build class A space here; the rents won’t support it Avg. Issaquah = $21.35 sq.ft – Avg. Seattle and Bellevue = $40 This means you have to have a full price tenant for at least 50% of space Anchor tenant has to have values similar to the City I-90 precipice New owners of Sammamish Place; worried about what is happening along I-90. A few very big tenants (T-Mobile, Costco, Microsoft) create risk; what happens if one or more move? Seattle is bringing on 1 million sq. ft. only 250k is leased. Seattle could be overbuilt soon How could we…
3. AGENDA ITEMS
3a
CIP ANCHOR PROJECT
Keith Niven, Economic Development Director
Topics:Budget
3b
I-90 Legislative Support
Keith Niven, Economic Development Director
Topics:Transportation
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