www.belltownlofts.com

Address: 66 Bell Street, between Elliott and Western Avenues, Seattle, Washington

Type: Mixed-use, residential, and commercial

Architect: Driscoll Architects and U-Arc Design

Completion: 2000

Property:

• 28,000-square-foot, three-floor warehouse of rented artist studios, purchased by Urban Fund in 1987
• 7,200 square foot adjacent lot purchased in 1991

Objective:
To provide cost-effective and affordable housing in Seattle’s downtown core.

Project:
We created 62 living units by renovating the old warehouse and adding a building on the adjacent lot. Highlights include:

• Significantly cut costs by spreading the infrastructure (stairwells, elevator, and utility systems) across both buildings of the renovation and new in-fill development
• Increased usable space approximately 14 percent by integrating circulation paths within functional zones
• Obtained historic landmark status from the city, which resulted in a 10-year abatement of real estate taxes for eventual buyers
• Sold 20 percent of the units at or below the city’s low income housing rates and 40 percent below affordable housing rates...all without the benefit of public subsidies

Funding:
Private capital from individuals and family trusts. Construction financing from Washington Mutual Bank

Market Value at Completion:
$16 million

Return on Investment:
Approximately 14 percent

Honors:
AIA, Seattle Chapter, Green Honor, 2002
Seattle City Light, Built Smart Certification, 2002
Seattle Times/Seattle AIA Featured Project Award, 2001
Seattle AIA/Seattle Times, “Housing the Northwest” Multi-family Design Tour, 2001