Seattle selling land for $138 million in hot neighborhood

SEATTLE (AP) — Seattle Mayor Jenny Durkan says the city is selling three plots of land in the booming South Lake Union neighborhood for private development, which will include affordable housing.

KOMO reports that Alexandria Real Estate Equities purchased the three-piece plot of land for $138.5 million that, according to the city, will include 175 affordable homes. The real estate company is also contributing an additional $5 million to support strategies addressing homelessness.

In addition to affordable housing, the 2.86-acre campus will include a 30,000-square-foot community center on site.

The sale is part of the Mayor’s ‘Housing Seattle Now’ initiative to address the crisis of housing affordability in Seattle.

South Lake Union is the center of the city’s tech community, home to Amazon and other companies.