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City previews 230 Main affordable housing proposal: 40 units, 60% AMI target and developer covenants
Summary
City staff and Related Northwest presented a preview of a proposed 40‑unit workforce/affordable housing project at 230 Main Avenue North, describing unit mix, financing sources, long‑term affordability covenants (50–55 years stated in materials), requested code departures and a fall schedule of public meetings.
City staff and representatives from Related Northwest gave the Planning Commission an informational briefing on a proposed affordable housing project at 230 Main Avenue North, a 0.4‑acre city‑owned site the council purchased in December 2023.
Staff said the city selected Related Northwest through an RFP and entered an exclusive negotiation agreement. The developer preview described a three‑story, 40‑unit building with 16 studios and 24 one‑bedroom units (including one manager unit), targeted for residents at up to 60% of area median income (AMI). The materials in the planning packet list a 50‑year minimum affordability requirement and also reference a 55‑year target; staff said the project would include recorded regulatory agreements and covenants to keep rents restricted for decades.
"It'll be owned, partially by us, and we'll have a nonprofit partner who will be our kind of co‑developer and co‑owner of the project as well," Ryan Hood of Related Northwest said. "We build to hold, so this will not be selling." He added the developer expects a capital stack that includes low‑income housing tax credits, state housing trust fund sources and local funds, and that construction financing and a guaranteed maximum price (GMP) are expected as the project moves to a Q4 2026 financial close.
The packet lists estimated construction costs of about $350 per square foot and roughly $237,000 per unit, with an estimated 11‑month construction timeline. Staff also flagged local funding sources committed or proposed to bridge the affordability gap including city affordable housing sales‑and‑use tax proceeds and a REET 2 conveyance of the site; the presentation also mentioned the Washington State Housing Trust Fund and an application for a CHIP grant to offset infrastructure and impact fees.
Commissioners asked several operational and design questions: who will own and operate the property (Related Northwest said ownership will be a limited partnership with a nonprofit co‑owner and that Quantum Residential is proposed for property management); whether the project will include elevator access (developer said the tight, three‑story site is proposed as a walk‑up with stair access, while first‑floor units and ramps will be ADA accessible and the team expects to engage an ADA consultant); and how parking will be handled (the project proposes roughly 20 on‑site spaces plus shared on‑street parking but staff emphasized street spaces are not guaranteed to tenants).
Staff described outreach to the Snoqualmie Tribe and local business stakeholders (outlet mall employers, senior center) and noted Related Northwest plans a community meeting tentatively on Oct. 27 and a Planning Commission public hearing on Oct. 1. The city is targeting council consideration in mid‑November.
No formal DDA was adopted at the meeting; commissioners were given the draft terms and will review the formal DDA when it is published for the October public hearing.
