The agreement calls for HRG to assist Vulcan in developing a policy framework to meet its affordable housing goals for the area as outlined in its agreement with the City of Seattle.
"We are absolutely committed to developing our properties in South Lake Union in a manner consistent with the neighborhood plan," says Jim Mueller, director, of real estate development for Vulcan Inc. "We believe that a diverse range of housing types, including affordable housing, is essential to a healthy neighborhood, where people can walk to where they work and play."
Jim Ferris, HRG's executive director cites a long history of working with neighborhoods to determine the best ways to incorporate affordable housing. "We expect great results," he says.
Vulcan, HRG, community stakeholders and City of Seattle Strategic Planning and Housing officials have met several times in recent months to discuss affordable housing opportunities in South Lake Union and ways in which Vulcan can best serve the community. Vulcan plans to use the recommendations from HRG as a basis for some of its future development decisions.
Seattle City Council member Richard McIver describes the Vulcan-HRG partnership as a model for other developers to follow. "We are sure to see great ideas emerge from this effort," says McIver, chair of the council's Housing, Human Services & Community Development Committee.
Vulcan, which owns about 45 acres in the South Lake Union area also recently teamed up with Harbor Properties to build a 112,000-sf biomedical facility there. Construction at 307 Westlake Ave. N. is set to begin this summer. The cost of the project was not disclosed.
In addition, Vulcan also has partnered with Vancouver, B.C.-based Milliken Development Corp. to build a mixed-use condominium, office and retail complex at 2200 Westlake Ave. The 975,000-sf project, which will include a Quality Food Centers store, is scheduled to open in 2004.
It's expected to take about 15 years for Vulcan to fully develop its holdings in the area. Company officials have expressed a desire to add value to the neighborhood in numerous ways.
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