Workfo kforce rce Housing sing 1. Beacon’s Experience 2. Plaza za Robert berto o Maes esta tas s Case e Study udy 3. 3. Hou ousing sing Con onti tinuum um 4. 4. Workforce rkforce Hou ousing sing
OU OUR EXPERI ERIENCE ENCE Project ject Experie erience ce Project ject Types es Na Natio tional al Awards wards Plaza Roberto Maestas: AIA/HUD • Projects Units Value Family 46 projects Secretary’s Housing and Community Agricultural Workers 24 projects Completed 83 4,567 $730M Design Award; Affordable Housing Tax Credit Coalition Edson Tax Credit Sustainable Building 30 projects Excellent Award, 2017 Under 3 505 $147M Construction Historic 8 projects Pearl on Adams: NAHRO Award of • Excellence for Project Design, 2011. Fully Funded 3 186 $71M Senior 20 projects Affordable Housing Finance Magazine’s • Special Needs 26 projects In 5 1,198 $64M Top 50 Affordable Housing Developers, Development 2007 Acquisition/Rehab 16 projects Total 95 95 6,456 $1.10B 0B Tepeyac Haven: first Gold-Certified LEED Urban/Mixed Use 25 projects • for Homes Multi-Family Project in the nation, 2007.
OU OUR EXPERI ERIENCE ENCE Wester ern n Ave ve Senio enior Hou ousin ing, g, Seattl attle • 40 units affordable senior housing including artist L/W • Client: Pike Place Market Preservation and Development Authority • Part of $74M mixed use MarketFront redevelopment • Air rights condo; jointly developed with garage, retail, and public plaza • New Markets Tax Credits
OU OUR EXPERI ERIENCE ENCE HopeWo peWorks rks Sta tatio ion, , Ever veret ett, t, WA • 65 units serving very low income residents; 75% formerly homeless • Client: Housing Hope / HopeWorks • Net Zero/Ultra-High Energy Efficiency Standards • Workforce development center; job training & social enterprises on ground floor • New Markets Tax Credits
OU OUR EXPERI ERIENCE ENCE Eve vere rett, tt, WA Sponsor: Cocoon House • 40 units serving • homeless youth and young adults ages 15-17 and 18-24 12,000 sf multi-service • center including youth drop-in center, social services space and administrative space $13M TDC •
OU OUR EXPERI ERIENCE ENCE Seat attle, tle, WA • 76 units affordable senior housing • Partnership with HGAH and Filipino Community of Seattle • Services include a senior food bank, health screening programs, cultural education, English proficiency classes • Innovative Learning Center: STEAM program and tutoring for youth and young adults
OU OUR EXPERI ERIENCE ENCE Taco acoma ma, , WA Sponsor: YWCA Pierce • County 51 units serving 30% and • 50% AMI; 38 homeless units Housing services space • and YWCA legal offices Adjacent to YWCA • Domestic Violence Emergency Shelter and main office building $20M TDC •
HOU OUSING SING CON ONTIN INUU UUM AFFOR ORDA DABLE BLE HOU OUSI SING NG CON ONTIN INUUM UUM Popul ulati tion on Inco come me Target rget / Subsi sidy/ y/Ca Cash h Example mple Rent - King County Flow ow Special Needs 0 – 30% AMI - Deep capital subsidy 1 BR Rent: $540 - Deep operating subsidy Valor Apartments Low Wage Workers 30 – 50% AMI - Deep capital subsidy 1 BR Rent: $900 - Break-even operations Compass Ronald Commons Workforce Housing 60 – 80% AMI - Some capital subsidy 1 BR Rent: - Cash flow $1,350 supports debt The Maddux
PLAZA AZA ROB OBERTO O MAESTAS Sponsor nsor Or Organizati nization on – El Centro ro de la Raza Found nded in 1 1972 72 in Beaco con n Hill • Mission: on: social justi tice ce and racial unity ty • Servi vices ces and programs ms includ ude: • - Civil Rights hts and Social l Justi tice ce Advocac acy y - Children ren and youth - Human n and emerge rgency ncy servi vices ces - Home Owne nershi hip Educat atio ion n and Small Busine ness Traini ning ng Focus on their own site: combat t ongoing ng gentri ntrific ficati ation on • - Loss of divers rsity ty - Loss of family housin ing - Loss of lo local small busine nesses merchants hants
PLAZA AZA ROB OBERTO O MAESTAS Goals ls Ach chieved eved - Loss of divers rsity ty - PRM Beloved Community is reflective of the diverse working class neighborhood that Beacon Hill has historically been prior to gentrification. - Loss of fa family housin ing - PRM Beloved Community currently provides housing for 275 individuals including 110 children under age 18 - 142 children receive accredited bilingual early childhood education services. - Loss of lo local small busine nesses merchants hants - Anchor small business tenant “The Station” was able to triple in size. - A total of 13 small business owners have been approved and licensed to use vendor carts or tabletop vending space. - In the project’s first six months, more than 70 community events have been held at
PLAZA AZA ROB OBERTO O MAESTAS Land and Use e and nd Zon onin ing CHALL ALLENGES ENGES Buffered single family • zone Non-conforming • institutional use with School District purchase option OUT UTCOME COMES Extensive community • outreach Up-zone from NC2-45 to • NC2-65 Seattle School District • waived option
PLAZA AZA ROB OBERTO O MAESTAS Light ght Rail il and d Parks Depar artmen ment CHALL ALLENGES ENGES Tunnel easement • Child development center • open space requirements Sound Transit and Seattle • Parks Department OUT UTCOME COMES Successful coordination • with large government agencies Sound Transit: expedited • review Parks Department: shared • use agreement
PLAZA AZA ROB OBERTO O MAESTAS Parkin ing CHALL ALLENGES ENGES TOD – Pedestrian overlay • Loss of existing parking • lot Neighborhood traffic • concerns Sponsor & investor needs • OUT UTCOME COMES Shared use agreement • Grant for parking study • Grant for light rail passes • for all residents Reduction in parking • demand
PLAZA AZA ROB OBERTO O MAESTAS 4 CONDO NDO UNITS ITS 1 HOUS USIN ING 112 units 1-3 bedrooms 50% @ 30% AMI 25% @ 50% AMI 25% @ 60% AMI $37m $37m
PLAZA AZA ROB OBERTO O MAESTAS 4 CONDO NDO UNITS ITS 1 HOUS USIN ING 112 units 1-3 bedrooms 50% @ 30% AMI 25% @ 50% AMI 25% @ 60% AMI $37m $37m 2 CHILD ILD DEV $3m $3m 10,000 SF 7 classrooms Bilingual E/S
PLAZA AZA ROB OBERTO O MAESTAS 4 CONDO NDO UNITS ITS 1 HOUS USIN ING 112 units 1-3 bedrooms 50% @ 30% AMI 25% @ 50% AMI 25% @ 60% AMI $37m $37m 2 CHILD ILD DEV $3m $3m 10,000 SF 7 classrooms Bilingual E/S 3 OFF FFICE ICE BDG’s office $1m $1m 4,000 SF
PLAZA AZA ROB OBERTO O MAESTAS 4 CONDO NDO UNITS ITS 1 HOUS USIN ING 112 units 1-3 bedrooms 50% @ 30% AMI 25% @ 50% AMI 25% @ 60% AMI $37m $37m 2 CHILD ILD DEV $3m $3m 10,000 SF 7 classrooms Bilingual E/S 3 OFF FFICE ICE BDG’s office $.5m $1m $1m 4,000 SF 4 COMM MMUNIT UNITY $1.5m $1.5m 6,000 SF Centilia Community Center 12,000 SF Plaza 3,200 SF Retail
PLAZA AZA ROB OBERTO O MAESTAS 4 CONDO NDO PLAZA ROBERTO UNITS ITS MAESTAS 1 HOUS USIN ING Condominium Association 112 units 1-3 bedrooms 50% @ 30% AMI 25% @ 50% AMI Unit 2 Unit 1 Unit 3 Unit 4 25% @ 60% AMI CHILD D HOUSING ING OFFICE CE COMMUNIT NITY DEVELOP OPME MENT NT 2 CHILD ILD DEV 10,000 SF Owned by 7 classrooms Owned by Plaza za Roberto ECDLR Comm. . Bilingual E/S Maestas s LLC Develop opmen ment LLC LLC 3 OFF FFICE ICE El Centro de la BDG’s office PRM Manag ager r US Bank Raza 4,000 SF LLC LLC Investor Member Sole and Managing 99.99% Managing Member .01% 4 COMM MMUNIT UNITY Member El Centro de la 6,000 SF Centilia Raza Community Sole and Center Managing 12,000 SF Plaza Member 3,200 SF Retail
PLAZA AZA ROB OBERTO O MAESTAS Residenti dential al Sources ces: Sponsor Land Loan: $2.7M Sponsor Capital Campaign: $1.7M Soft Public Debt (City): $7.7M Private Debt: $2.8M LIHTC (9%) & Federal Energy Credit: $22.4M Subtotal: $37. 7.3M 3M Commerci cial al: Sponsor Land Contribution: $800K Sponsor Capital Campaign: $1.3M Deferred Fee $700K Soft Public Debt (City): $1.8M 3 rd Party Capitalized Lease Payment: $1M Private Debt: $2M__ Subtotal tal $7.6M 6M Residenti dential al and Commerc rcia ial: l: $44. 4.9M 9M
PLAZA AZA ROB OBERTO O MAESTAS Public Subsidy & Owner “Equity” - Public c Subsidy y = $ $9.5M M (City y of S Seattl ttle) - Capital l Campaign gn = $ $3M (philanthr anthropy) y) - Sponsor Equity ty = $700K 00K (deferr ferred deve veloper per fee) - Sponsor Loan = $3.5M 5M (land nd value) ue) - Land loan re-pa paid d in ye year ar 15 - 20 from residu dual al cash
PLAZA AZA ROB OBERTO O MAESTAS Workfo kforce rce Salarie ies King g Count nty y Median an Income: me: $96, 6,000 000 - Teache acher r (65% 5% AMI) $63, 3,000 000 - Firefi fighter ghter (80% % AM AMI) $78, 8,210 210 - Nurse (85% 5% AMI) $82, 2,750 750 - Grocery ry Store Clerk $31, 1,890 890 - Hotel l Clerk $26, 6,460 460 Salary info: https://www.bls.gov/oes/current/oes_wa.htm
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