Another piece on the explosive growth in the South Lake Union neighbourhood.
“What happened is pretty much what everybody expected, but it’s occurred in five years instead of 50,” said Mike Foley, who was a neighborhood activist and sometime Vulcan critic until the company bought his property for $21 million in 2003….
Even with all the condos — and Vulcan is building 426 more of them — the mix of housing remains diverse, said Ada Healey, Vulcan’s vice president of real estate.
Developers have recently built or are building 170 apartments for low-income and moderate-income residents. An additional 133 apartments are planned for low-income seniors and mentally ill homeless adults. A 12-story, 377-unit senior-housing complex is also under construction.
One-third of South Lake Union housing is considered affordable to low- and moderate-income, according to the city. But that’s down 15 percent from a year ago.