The Affordable Housing Initiative of Microsoft will fund the construction of two apartment buildings in Bellevue near the new light rail stations of Sound Transit. The apartment buildings will provide over 235 affordable housing units.
Partnering on this project are developer SRM Construction and DASH, a non-profit. The buildings will be on 118th Avenue Southeast on a site that spans 4.5 acres. It will be near the light rail stop at East Main when the service of the 2 Line begins in 2023. DASH said that a loan of $25m from Microsoft's land acquisition program is making this project possible.
Banner printing is often used at such sites to inform the community of projects and the generosity of local companies.
One of the buildings will convert a currently half-completed hotel into 100 apartments with one, two, and three-bedrooms for residents whose income is below 60% of the area median income (ARI). The other will have 135 one- and two-bedroom workforce apartments, for those residents earning between 80% and 100% of the ARI.
Construction on the 135-unit building will begin this summer and is expected to be completed by the end of next year. The conversion of the hotel will require rezoning and reconfiguration of the building, meaning the building will not be completed until late 2024 at the earliest.
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