Seattle Mayor Jenny Durkan announced the transfer of a local parcel of surplus City Light land to nonprofit developers at no cost, becoming the first city to take advantage of a state program to make underutilized public land available for affordable housing development.
The somewhat hidden 6000-square-foot lot is just North of Fresh Flours and Gibran on the West side of Phinney Ave and 61st. The developer, Homestead Community Land Trust, expects it will cost $6.4 million to build 19 condominiums on the land, which has an appraised value of roughly $1.5 million.
All of the homes will be sold to homeowners who are at or below 80% of the area median income, or $70,600 for a two-person household. The homes will cost roughly $250,000 — well below the $750,000 median home price in Phinney Ridge.
