Redondo Heights consists of 132 units of rehabilitated aging housing stock and 202 newly-constructed units.
Amenities include a clubhouse, indoor and outdoor play areas, garden space, picnic areas, media lounge, fitness center, and a food bank operated by MSC. Located next to Redondo Heights Park and Ride and close to the future Star Lake Station for link light rail.
Architect Information
- Unique design features: generous storage with spacious closets, oversized windows, dishwasher and full-size in-house washers and dryers.
- Sustainability Features: Solar panels
- Key Challenges: The project required the rezoning of the vacant land to construct 202 units of new construction, requiring community meetings and several public hearings. Due to closing timeline, the site work aspect of the project was conducted during the wet winter months, which required glacial till soil to be exported from the site and engineered fill be brought in to be used for all building pads.
Construction Information
- Site & Acqusition: Project consists of rehabilitation of 132 units of aging housing stock and 202 new units. Multi-Service Center (MSC) and Shelter Resources partnered to acquire and renovate Silver Shadow Apartments (rehab phase), originally built in the early 1990s as market-rate property. Most recently operated as an unrestricted Naturally Occurring Affordable Housing (NOAH) community, the partners pursued bond financing and redevelopment in order to convert the site into a permanently restricted affordable housing property. During the operation phase of the renovation project the team determined that the soon operational link rail station would be a convenient location for additional affordable housing to be constructed. As such the project team identified adjacent vacant land which could be developed into 202 additional units of affordable housing.
- Specific Hurdles: The project faced several years of challenges resulting from COVID 19. These included delays, cost increases, and funding gaps prior to closing and during construction.
Financials
| Total Cost | $165 million |
| Funding Stack | Amazon; Enterprise Housing Credit Investments & Enterprise Community Asset Management; Fannie Mae TEL; JLL Real Estate Capital, LLC & Federal Home Loan Mortgage Corporation; JPMorgan Chase Bank; King County & Connecting Housing to Infrastructure Program (CHIP) & King County Transit Oriented Development (TOD) Fund; US Bank Trust Company, National Association; Washington State Department of Commerce Housing Finance Unit; Washington State Housing Finance Commission; and Washington State Capital Budget Appropriation. |
Project Partners
