Vulcan Breaks Ground on Yesler Multifamily Development
Vulcan Real Estate has begun construction on Cascara, its fourth and largest residential community in the Yesler neighborhood of Seattle. The real estate development will include two nine-story buildings consisting of 345 rental apartment homes.
In an agreement between Vulcan and the Seattle Housing Authority (SHA), 26% of the Cascara units will be affordable workforce housing for households earning 80% of AMI, and the firm intends to participate in the city’s Multifamily Tax Exemption program which will extend affordability to 65% of AMI.
“We are proud to have earned SHA’s trust to help advance their vision for the Yesler Terrace Master Planned Community,” said Vulcan’s chief real estate officer Ada M. Healey. “It is exciting to see this growing, diverse mixed-income neighborhood with thousands of new homes flourish.”
Cascara amenities will include coworking spaces, two roof decks with adjoining lounges, a club room, fitness gym, bike storage and sweeping views of Mt. Rainier, Puget Sound and the Seattle skyline.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.