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Vulcan/Capitol Hill Housing Team selected for exclusive Yesler Terrace Master Development Partnership negotiations

Partnership discussions expected to last several months

SEATTLE — January 22, 2013 — The Board of Commissioners of Seattle Housing Authority tonight approved a resolution authorizing Executive Director Andrew Lofton to begin exclusive partnership discussions with the team of Vulcan Real Estate with Capitol Hill Housing to explore how to structure a Master Development Partnership for Yesler Terrace redevelopment. Both Vulcan with Capitol Hill Housing and Forest City with Jonathan Rose Companies were finalists for the role of Master Development Partner, but Vulcan with Capitol Hill Housing garnered the top ranking. Partnership discussions are expected to last several months.

"We are thrilled to have Vulcan as a potential partner in such an ambitious endeavor," said Andrew Lofton, Executive Director of Seattle Housing Authority." Vulcan has a proven track record of big-picture strategic thinking and long-term success when it comes to neighborhood revitalization. The experience and strength of the senior team Vulcan has assembled for the Yesler project is impressive and we welcome the opportunity to work closely with them as the vision for a new Yesler Terrace becomes reality."

As detailed in the original Request for Qualifications (RFQ) issued in June, 2012, Master Development Partner candidates were required to demonstrate the expertise, capacity and track record to implement a comprehensive, phased, mixed-income, mixed-use plan similar in scale and scope to the Yesler Terrace Redevelopment Plan.

"We engaged in an extensive process before reaching the decision to begin partnership discussions with Vulcan," said Al Levine, Deputy Executive Director of Seattle Housing Authority. "Ultimately Vulcan's combination of deep commitment to the core values of the overall project along with its notable track record of success in Seattle and extensive local knowledge gave it the edge."

The overall vision for a redeveloped Yesler Terrace includes creating a safe, vibrant mixed-income community, supporting economic and cultural diversity, increasing economic opportunity for residents and employing sustainable, green building principles. Seattle Housing Authority's main focus in redevelopment is replacing the existing 561 aging public housing units in locations throughout Yesler Terrace and enhancing services and quality of life for low-income residents and others throughout the community.