Seattle Housing Authority selects Vulcan Real Estate to redevelop Yesler Terrace

A company headed by one of the world’s richest entrepreneurs will help guide the redevelopment of one of Seattle’s poorest neighborhoods. The board of directors of the Seattle Housing Authority (SHA) has selected Vulcan Real Estate, an arm of Paul Allen’s company Vulcan, as the top choice for the Master Development Partner in the rebuilding of Yesler Terrace, Seattle’s oldest public housing development. The job entails the planning and financial support to replace the 70-year-old housing development in the Central District with mixed-use apartment buildings and several high-rises. At a Jan. 22 meeting, SHA board members said that Vulcan has the experience and “financial wherewithal” to manage the sale of some 30 acres of land. It would generate the needed revenue to build 561 replacement units for families living at 30 percent or below the area median income. SHA also hopes to add 100 units to the development for that population.

–  Real Change News


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