Nitze-Stagen, the primary developer for Trace 4001, has initiated early site work for an eight-story apartment complex situated at 4001 South Willow Street in Seattle’s Othello neighborhood.
This marks Nitze-Stagen’s third residential investment in the area and their second with financial support from Amazon’s Housing Equity Fund. The building, known as Trace 4001, will consist of a total of 195 one-and two-bedroom units with rent prices set to be affordable for tenants earning between 50% and 80% of the median income in the surrounding area.
The project is being funded by a combination of sources including a $19.1 million long-term loan from Amazon’s Housing Equity Fund announced back in December of last year. Additionally, there is also construction financing provided by Forbright Bank and equity investments secured through local impact investors such as Citizen Mint.
The development team includes Nitze-Stagen as lead developer along with partners such as Housing Diversity Corporation and Amazon Housing Equity Fund. Other key players involved include Compass Construction serving as General Contractor; Neiman Taber providing architectural services; CT Engineering handling structural design; BRH Engineering responsible for civil engineering tasks; DB Engineering overseeing mechanical aspects; GeoEngineers managing environmental concerns; Murase Associates leading landscape architecture efforts ;and Thrive Communities taking on property management responsibilities.
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