Mayor Ed Murray sent a mayoral directive to Finance and Administrative Services (FAS) to negotiate the sale of the Civic Square project to Bosa Development and direct the proceeds to establish a new Equitable Development Fund. The sale would also net $5.7 million in funds for affordable housing, meeting or exceeding the Mandatory Housing Affordability (MHA) program requirement. Combined, nearly $22 million from this sale will go to equity and affordability projects around the City.
“Seattle is growing and we are working to ensure that it happens in a way that is equitable, benefitting everyone who lives and works here,” said Mayor Murray. “The sale of the Civic Square property allows us to leverage our resources to invest in communities most at-risk for displacement and to make a major investment in affordable housing. While we continue to revitalize our downtown core, we are strategically investing around the city to strengthen our communities for the future.”
The Equitable Development Fund will be established with the $16 million in proceeds from the sale, and used as part of the Equitable Development Initiative (EDI), which helps ensure Seattle’s existing residents and businesses also enjoy the benefits of development around the city, rather than being displaced by it. These funds will go to community-driven projects such as a cultural center for long-time residents to maintain neighborhood character or a job training program focused on good-paying jobs in the community.