As planned, Mt. Baker Housing has purchased its development site at Grand Street Commons. King County recorded the nearly $5.5 million sale last week for 1815 23rd Ave. S., where the south building of three will be constructed.
The seller was an LLC associated with Lake Union Partners and HAL Real Estate, which previously assembled the 3.2-acre site for about $22 million. Mt. Baker Housing also used an LLC for the deal, which was worth about $149 per square foot. Public records indicate a $7.5 million loan from the Rainier Valley Community Development Fund.
The entire project is expected to have around 771 units, 360 of them to be affordable, and 60,000 square feet of retail/commercial space. Grand Street Commons will be about a five-minute walk north to Judkins Park Station, where light rail service begins in 2023.