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SubscribeThe Housing Authority partners with Vulcan to redo Yesler Terrace
ALAN BERNER / THE SEATTLE TIMES
Vulcan Real Estate has partnered with Seattle Housing Authority to redevelop Yesler Terrace, the city's first public-housing project. Vulcan previously transformed South Lake Union into a bustling community anchored by Amazon.com and plans to approach Yesler Terrace similarly.
Selling downtown property is shortsighted
Once again the city of Seattle shows its fiscal shortsightedness. To fund the redevelopment of Yesler Terrace public housing project, “it plans to sell some of the 30 acres to a private developer” [“Vulcan to redo Yesler Terrace,” NWWednesday, Jan. 23].
The Housing Authority is giving up valuable downtown view property that will only increase in future value.
It should take a page from the University of Washington’s playbook. The UW has held steadfast to all of its valuable downtown real estate some 100 years-plus after moving its campus. And yet, you don’t hear anyone suggesting it cash it out to finance its new football stadium.
This project could be paid for with 30-year bonds and rent income from the proposed retail, offices and condos.
--Tom Wasserman, Seattle
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