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Monday, March 04, 2013
Sound Transit closes land sale to pave way for Rainier Valley development
Sound Transit has completed the sale of land next to its Mt. Baker Link light-rail station for a "major" transit-oriented development, agency officials reported last week.
Agency officials closed the transaction with Artspace, a national leader in nonprofit residential development, Sound Transit officials said in a prepared statement.
The $18 million project calls for building a mixed-use arts facility featuring 57 rental units of "affordable" live/work space for artists and their families, they said. The ground floor will include space for nonprofit organizations, "creative enterprises and related businesses," they added.
Sound Transit and Artspace entered into negotiations for the property after a competitive process that solicited qualified development proposals for the Rainier Valley site, located near the intersection of Rainier Avenue South and Martin Luther King Jr. Way South.
"High quality transit helps grow vibrant, livable communities," said Sound Transit board member Dow Constantine.
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