Seattle Housing seeks partner for Yesler Terrace make-over
Master developer would contribute expertise to public-private partnership
SEATTLE — June 1, 2012— The Seattle Housing Authority today issued a formal Request for Qualifications in order to identify firms interested in serving as a master development partner for the re-birth of the Yesler Terrace neighborhood over the next 20 years.
“We are convinced that for a redevelopment of this scale, the contributions of an experienced private-sector partner will add significant value,” notes Executive Director Tom Tierney.
Located on Seattle's First Hill just east of Downtown and south of Harborview Medical Center, Yesler Terrace is sited on 30 sloping acres with great access to transportation and expansive views..
Seattle Housing Authority is experienced in the redevelopment of public housing communities over the past ten years. The agency itself served as the master developer of approximately 300 acres of land, creating 4,000 units of housing and adding retail and social service components. Properties redeveloped over the past ten years include NewHolly, Rainier Vista, High Point, Lake City Court, Westwod and Longfellow Court.
Given the scale and extended scope of the Yesler Terrace redevelopment program, however, the Housing Authority has concluded that the market expertise and assets of a private master developer will augment its own public development expertise. “This is a development that is close to the center of the city, offering unprecedented opportunities for a remarkable new urban neighborhood. It calls for a significant public-private partnership to deliver the best result to current and future residents of Seattle,” notes Tierney.
The process for choosing a master development partner could take six months or more. Interested developers must respond to the Request for Qualifications by August 31, 2012. An informational (pre-submittal) meeting will be held at Seattle Housing Authority offices on June 26. Interested firms are asked to detail their unique qualifications and submit details on how they would approach the project.
The full Request for Qualifications is available in the "Business" section of the Seattle Housing Authority's website.