The land transfer will help build Stewart Court, a 65-unit apartment project in the heart of downtown Seattle for working people who earn 50 to 60 percent of area median income. "Instead of randomly purchasing housing bonus credits from other affordable housing projects throughout the city, the Clise-Nordstrom venture teamed with HRG to locate Stewart Court on the same site," said Jim Ferris, HRG executive director. "This effort is a unique approach to affordable housing development in downtown Seattle and one that we hope will guide future development."

Seattle's Housing Bonus program promotes commercial and housing development by allowing commercial ventures to purchase housing bonus credits. The housing credits generated when affordable housing is created downtown enabled the venture to build a larger building within existing height restrictions.

"Clise Properties and Nordstrom have been a part of the Seattle community for more than 100 years and we wanted to see Seattle retain its neighborhood feel,'' said A. M. Clise, Clise Properties, Inc. president and CEO. "Partnerships like ours with HRG are a great way to develop neighborhoods, not just commercial buildings."