Nitze-Stagen, a leading construction developer, has secured a $19.1 million low-interest loan from the Amazon Housing Equity Fund for an upcoming eight-story project near the Othello Link station in South Seattle. The mixed-use housing development, known as Trace 4001 and located at 4001 South Willow Street, will feature 191 apartment homes with a mix of studio, one-bedroom and two-bedroom units rented between 50% to 80% of AMI.
According to reports from Puget Sound Business Journal , this project is expected to break ground in early 2024 and be completed by 2026. It will also receive additional financing through a construction loan from Forbright Bank based in Maryland.
The project team includes Housing Diversity Corporation as an investment partner, Compass Construction as the General Contractor, Neiman Taber as the Architect and Thrive Communities handling property management duties. This latest funding follows Amazon’s previous support for affordable housing projects in Seattle’s Northgate neighborhood with a $10 million loan back in June of this year.
