LIHI is pleased to announce the purchase of the Dockside Apartments at 6860 E. Green Lake Way N., Seattle on June 30, 2022.
The Dockside Apartments is being financed under the City of Seattle’s Rapid Acquisition Program to purchase new multifamily buildings to provide affordable housing to people experiencing homelessness and housing insecurity. Dockside features 93 studio apartments including: 70 units of permanent supportive housing (PSH) for homeless people, 22 units for retail and service workers making minimum wage, and one unit for a live-in staff member. Spud Fish and Chips, which was located on this property prior to redevelopment, is occupying new retail space at street level.
The acquisition of Dockside Apartments by LIHI was made possible by a City of Seattle award of $18.1 million. Matching funds in the form of an acquisition bridge loan was provided by the National Equity Fund (NEF). LIHI will be applying for State Department of Commerce Rapid Acquisition funds this fall to repay NEF.
Mayor Bruce Harrell said, "Expanding access to permanent housing solutions is a critical step in our plan to make progress on the homelessness crisis. Dockside shows how we can strategically deploy our resources to make an immediate impact, helping people get indoors and on a path to recovery. We're grateful for LIHI's continued partnership in this effort and commitment to positive outcomes."
LIHI Executive Director Sharon Lee said, “We are delighted to finalize the acquisition of Dockside Apartments. Thank you to Mayor Harrell, the Office of Housing and NEF for funding this desperately needed housing. The Low Income Housing Institute remains resolved in aggressively addressing the homelessness crisis and looks forward to collaborating with Mayor Harrell on his goal of achieving 2,000 homeless units through rapid acquisitions, tiny houses, shelter beds and PSH units.”
“This project is exactly what we envisioned when we passed the Seattle Rescue Plan rapid acquisition funding: high-quality housing that can be rapidly converted to supportive housing for our neighbors who need it most. I am delighted that JumpStart will contribute operating and services funding to provide stability and support so that formerly homeless and low income households will have permanently affordable homes. We thank the State Legislature for your partnership in making Rapid Acquisition funds available for buildings like Dockside Apartments. Now we just need to do more of this!” said Seattle City Council Budget Chair Teresa Mosqueda.
“It has been an honor working alongside the Low Income Housing Institute on the development and closing of the Dockside Apartments by Green Lake,” says Scott Zeigler, member of National Equity Fund Preservation Capital Advisors, LLC. “At NEF, our mission is to expand the creation and preservation of affordable housing through innovative financial solutions. Providing NEF preservation lending funds to match the City of Seattle’s contribution allowed us to work with LIHI to directly tackle the issue of homelessness in the city, creating permanent supportive housing for an extremely vulnerable population.”
Seattle City Councilmember Andrew Lewis said, “This is exactly what the City needs to be doing to solve our crises of homelessness and affordable housing. This beautiful, modern building will provide an affordable home for Seattle families for years to come.”
LIHI purchased the building in record time. It took under 60 days from the signing of the purchase agreement to closing on the acquisition thanks to the collaboration of the Seattle Office of Housing and NEF. Dockside was acquired for $32.7 million. The building contains six stories and is ideally situated in the Green Lake neighborhood next to the park. Building amenities include: in-unit washer/dryer; community room; top floor loft units; rooftop deck with views of Green Lake, garden and seating areas; bike storage; and secure package delivery. The architect is Cone Architecture.