March 4, 2013

Sound Transit completes TOD land sale

Seattle’s Sound Transit completed the sale of land adjacent to its Mt. Baker Link light rail station for a major transit oriented development including live/work apartments above ground floor commercial tenants. Sound Transit closed the transaction with Artspace, a national leader in nonprofit residential development.

This is Artspace’s third project in Seattle after successes with the Hiawatha and Tashiro Kaplan Artists Lofts. The new $18 million project will be a mixed-use arts facility containing 57 rental units of affordable live/work space for artists and their families. The ground floor will include a community room and 12 commercial spaces for non-profits, creative enterprises and related businesses.

Sound Transit and Artspace entered into negotiations for the property after a competitive public process soliciting qualified development proposals for the Rainier Valley site.

Artspace currently has about 800 residential applicants on waiting lists for its live/work spaces in Seattle.

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