April 11, 2022

261-unit affordable housing project in Overlake neighborhood is complete

Photo courtesy of Capella at Esterra Park [enlarge]

Capella at Esterra Park consists of two buildings with a courtyard in between.

Today marks the grand opening of Capella at Esterra Park, a new 261-unit affordable housing project at 2710 Tagore Ave. N.E. in Redmond. The development consists of two buildings — seven and eight stories — with a courtyard in between, over a shared parking structure. It is adjacent to the Redmond Microsoft campus and the Overlake light rail station, which is slated to open in 2023.

The community features studio, one-, two- and three-bedroom apartment homes. Amenities include a fitness center, multipurpose room, theater, indoor playroom and teen room. Capella is also the location of the newest YMCA Early Learning Center in King County.

The developer is Imagine Housing in collaboration with the city of Redmond. Clark Barnes is the architect, with Inland Group serving as the general contractor.

A press release describes the project as “an example of how private affordable housing developers, nonprofit organizations, communities, and public agencies can work together to maximize limited public resources and create affordable housing at scale.” Capella will serve residents earning less than 60% of area median income. A portion of the units are set aside for families exiting homelessness and for very-low-income residents earning less than 30% of area median income.

The project was funded through the federal Low Income Housing Tax Credit and Tax-Exempt bond programs administered by the state Housing Finance Commission, and in part by the city of Redmond and A Regional Coalition for Housing.

An event is being held today to mark Capella's opening. In attendance will be Sen. Patty Kuderer, State Treasurer Mike Pellicciotti and Redmond Mayor Angela Birney, alongside project stakeholders and members of the community.

Capella is part of Capstone Partners' Esterra Park, a 28-acre master planned community consisting of six different living communities, 250,000 square feet of office space, two hotels and a centerpiece 3-acre park.