Angle Lake Station TOD Suitability for housing and development strategy 3/5/2020
Why we are here • Seeking action on declaring surplus properties as suitable for the development of housing and on the development strategy. 2
Property background North site • 33,529 square feet • $2.2+ million value • Federal interest: 80% South site • 27,507 square feet • $1.75+ million value • Federal interest: 86.5% 3
Engagement outcomes What we did • Targeted stakeholder group meetings • Community event tabling • Rider intercepts • Developer request for information What we heard • Support for housing, including affordable • Support for customer amenities • Support for retail space, including cultural-specific retail space 4
Recommended Actions North site • Declare suitable for housing • First offer to qualified entities for affordable housing • Allow for discounting of property value for affordable housing 5
Recommended Actions South site • Declare suitable for housing • Offer to open market • Require fair market value ( ± $1.75M) 6
Next steps • Issue request for proposals for sites (Q2 2020) • Return to Board with outcomes of request for proposals and any transaction terms (Q4 2020) 7
Thank you. soundtransit.org
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