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June 29, 2017
Mt. Baker Station Associates LLC started work Tuesday on a 301-unit apartment complex in the Rainier Valley called Stazione: 25.
It will have two mid-rise buildings at 2615 25th Ave. S., just west of Rainier Avenue South, with a mix of unit sizes, from studios to two-bedroom apartments. Osborne Construction Co. is the general contractor and Morgan Design Group is the architect.
Stazione: 25 will use the city's multifamily tax exemption program (MFTE), meaning that 20 percent of the units will be affordable for a dozen years, pegged to varying percentages of area median income. Rents for market-rate units will start at $1,450 per month, and rents for affordable units will start at $1,028.
The project ownership group is led by investors Michael Ross and Robert Spitzer. The owners also announced a $77 million HUD loan to help finance the project, along with EB-5 investors.
Ross and Spitzer are working with developer Steve Smith on Stazione: 25.
In a statement, Spitzer said, “It's been a long road to get here since we started acquiring the parcels on this block in 2008 — during some very difficult years for holding, let alone developing, raw land.” He recalled 2009-2012 as “a pretty bleak period for mere mortals (versus institutions) to be in the real estate development business.”
They acquired the 1.5-acre site for a reported $4.6 million.
A subsequent contract rezone allowed the two buildings to be seven and eight stories tall.
Stazione: 25 will be a five-minute walk north of the Mount Baker light rail station, and have 221 parking spaces below grade. Amenities will include a roof deck, community rooms, garden space and a fitness center. No retail or commercial space is included.
The developers said the LEED gold apartments will have solar panels, high-efficiency elevators, low-flow plumbing fixtures, a high-efficiency HVAC system and other energy conservation measures.
The project is scheduled for completion in the summer of 2019.
Brian Miller can be reached by email at email@example.com or by phone at (206) 219-6517.