SLU Rezoning Plan Features Towers and Affordable Housing

By Alex Girda, Associate Editor A proposed rezoning plan unveiled by Mayor Mike McGinn for Seattle’s thriving South Lake Union submarket envisions apartment and condo towers rising up to 400 feet above street level and could add as many as 12,000 new households to the neighborhood. The proposal, which requires City Council, provides for affordable [...]

A proposed rezoning plan unveiled by Mayor Mike McGinn for Seattle’s thriving South Lake Union submarket envisions apartment and condo towers rising up to 400 feet above street level and could add as many as 12,000 new households to the neighborhood. The proposal, which requires City Council, provides for affordable housing and funding for public spaces and infrastructure projects.

Stemming from a  process that started in 2008, the plan includes $27.7 million in funding for improvements to streets and parks, and $45 million earmarked for affordable housing. The plan also calls for the preservation of some 25,000 acres of regional farms and forests by means of development rights transfers.

The Business Journal reported that the city has struck a deal with local developer Vulcan Inc. that would provide a site for affordable housing. That, coupled with a direct cash investment agreement, is part of a zoning package for Denny Park. Office buildings would be limited to about 240 feet tall. However, developers could gain extra height for their projects if they contribute to public benefits.