Alcyone will feature studios, one- and two-bedroom apartments, and live/work lofts ranging from 542 to 944 sf. The building, which also will include 1,600-sf of ground-floor retail space, is a moderate market-rate apartment project (between 60% and 110% of Seattle's median household income), which is called for in the Cascade neighborhood plan.
"Housing is an important component of Vulcan's vision of South Lake Union, and we are delighted to launch our first residential project with Harbor Properties," says Ada Healey, vice president of real estate for Vulcan. "As more businesses, retailers and cultural organizations continue to gravitate to this area, it is likely that many Alcyone residents will both live and work in the same neighborhood."
The multifamily development is the latest in a series of projects Paul Allen, the former Microsoft millionaire behind Vulcan, has planned for the South Lake Union neighborhood. Vulcan representatives have said they hope the area between Seattle's downtown and Lake Union eventually will become a hub for biomedical and biotech companies that also includes mixed-use areas, like restaurants, multifamily homes and retail shops.
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