Trace 4001, an eight-story workforce housing project located at 4001 S. Willow Street in Seattle’s Othello neighborhood, is now open to the public. The new rental community, located just one block from the Othello Light Rail Station, was developed by Seattle-based Nitze-Stagen.
Trace 4001 is a privately funded project sponsored by OZ Navigator, a partnership between Housing Diversity Corp. and Nitze-Stagen. The transit-oriented project brings amenity-style living to affordable workforce housing, pairing attainable rents with the quality of a market-rate apartment community. The development includes 193 apartment homes available for households earning between 40% and 80% of the area median income for 99 years.
The project is participating in both the City of Seattle’s Mandatory Housing Affordability program and the Multi-Family Tax Exemption program. Funding includes a $19.1M long-term loan from Amazon, a construction loan from Forbright Bank, and equity syndicated from local impact investors Citizen Mint and Lenora Capital.
Compass Construction was the general contractor for the project, with Neiman Taber as the architect.
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