Buyer will redevelop corner parcel in Seattle's Ballard neighborhood into affordable housing and retail
Ballard Crossing was the fourth transaction that McKay, Chhan and Wayne have closed with Inland Group over the past 5 years. These transactions have totaled 551 affordable housing units, demonstrating the team’s ongoing commitment to championing affordable housing in and around Seattle.
“Our team is proud to leverage our depth of inventory and market insight to uncover opportunities for affordable housing developers,” said Colliers’ Senior Vice President Dan Chhan. “It was our pleasure to work with both Inland Group and Pryde Development in this transaction, and we look forward to watching the site evolve throughout the development process.”
The parcel is located on a corner lot that currently houses a commercial building and dry-cleaning storefront. Inland Group intends to redevelop the site into a five-story, mixed-use building with 81 affordable housing units and retail. The units will be used primarily to house formerly homeless individuals and families who are transitioning off the streets, an important first step in anticipation of future, permanent housing.
Ballard is one of Seattle’s historic neighborhoods, settled over 150 years ago by fishermen, mill workers and boat builders, many of Scandinavian descent. The area has grown in popularity over the last several decades and has been identified by the city as a good candidate for affordable housing. It contains a high density of millennials who are drawn to the neighborhood for its unique character and proximity to retail, restaurants, nightlife and work hubs.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment.