In The News - 9/20/2024
Spokane Journal of Business
$50M housing project on lower South Hill gears back up
Developer breaks ground Koz On West 4th after long delay
Construction of a 210-unit multifamily project on Spokane's lower South Hill, dubbed Koz on West 4th Ave, is underway after breaking ground in mid-August following over a year of project delays.
Updated project plans call for the construction of a $50 million, six-story, 80,700-square-foot apartment complex over structured parking with 108 parking spaces. Amenities at the property include a large courtyard with barbecues and common area laundry facilities.
Koz on West 4th Ave is located at 307 W. Fourth, on about an acre of land on the west side of Bernard Street.
Design plans for the residential project have been scaled back from plans that were announced two years ago.
The original design for the property called for over 260 living units in two five-story to six-story buildings with about 172,000 square feet of total building area.
The project is a development of Snohomish, Washington-based Koz Development LLC, which also designed the structure.
The development is moving forward in partnership with Catalyst Opportunity Funds, a Cottonwood Heights, Utah-based real estate investment company, which is contributing $16 million toward the project, according to a press release from Catalyst.
Spokane-based Bouten Construction Co., of Spokane, is the general contractor for the project, permit information on file with the city of Spokane shows. DCI Engineers, also of Spokane, is the project engineer.
The property is projected to be available for lease in fall 2026.
The Center Square
Dueling Seattle social housing measures up for voter approval in February
Seattle voters are set to decide on dueling social housing measures in the upcoming February special election.
House Our Neighbors, a community campaign, successfully gained enough signatures to place Initiative 137 on the ballot. Seattle City Council halted approving the initiative for the November ballots in order to create a counter measure.
The Seattle City Council approved its counter ballot measure on Thursday with a 6-1 vote. Seattle City Councilmember Tammy Morales voted in opposition to the counter measure. Councilmembers Cathy Moore and Dan Strauss were not present for the vote.
Initiative 137 would place a 5% compensation tax on companies that pay over $1 million a year on Seattle-based employees. At least 95% of tax revenue would be allocated to the Seattle Social Housing Developer.
Up to 5% of the tax revenue would be allocated to administer the tax, but the amount to administer the tax cannot exceed $2 million per year.
The city council’s counter ballot measure would amend the city’s JumpStart Payroll Expense Tax in order for the Seattle Social Housing Developer to receive $10 million on an annual basis over five years. There could be future funding if the developer sees positive results.