SEATTLE — Three years after Seattle voters approved the creation of a publicly owned social housing developer — and later approved a new tax on high earners to fund it — the organization has made its biggest move yet: purchasing a luxury apartment building steps from Pike Place Market for $60 million.

The acquisition of the Elara at the Market marks the first major property purchase by the Seattle Social Housing Developer, which plans to convert the 150-unit building into permanently affordable housing.

Supporters argue the deal reflects the financial reality of building housing in Seattle’s expensive market and may ultimately cost less than constructing a similar project from the ground up.

“We were going out to look for acquisitions as our first step in the social housing developer’s portfolio because it is something where we can get residents quickly,” Seattle Social Housing Developer CEO Tiffani McCoy said. “We are able to show the concept quicker than we would through new construction.”

Seattle voters face key decision on affordable social housing in upcoming special election

McCoy said the organization intentionally targeted what she described as a “Class A asset,” a building without major deferred maintenance or repair needs, in a highly desirable neighborhood where lower-income residents typically cannot afford to live.

Longtime resident Lauren Boyan said she first learned about the purchase through a text message from another tenant after residents received letters explaining the transition.

“My friend Melissa, who lives on the bottom floor, texted me the letter, and we both discussed whether or not this was real,” Boyan said.

Boyan, who has lived in the building since 2021, praised the location and quality of the apartments.

“I really like how it’s centrally located,” she said. “Everything I like is within walking distance. It’s close to transit.”

Asked about the “luxury” label attached to the building, Boyan laughed at the description.

“I mean, it’s a newer build. The appliances work,” she said. “To me, that’s a luxury, I guess.”

McCoy defended the decision to purchase a higher-end apartment complex rather than an older or cheaper property. The acquisition works out to a per-unit price of roughly $400,000. Multiple analyses have suggested it could cost between $300,000 and $400,000 to build an affordable housing unit from scratch.

“Everyone deserves to live in high-quality housing,” she said. “What do we mean by luxury? Is it having access to a washer and dryer? Is it having access to common space? Is it having access to housing that doesn’t have mold or pests?”

McCoy said the organization is trying to avoid the mistakes that have plagued some public housing systems for decades by purchasing buildings that can remain stable long term without major capital investments.

“These housing units are permanent social housing fixtures,” she said. “We can never sell off these buildings.”

The purchase was financed through voter-approved funding measures passed in 2025, including a tax on businesses with highly paid employees. McCoy said revenue from the tax has significantly exceeded initial projections.

“The first installment of this revenue source hit our bank accounts in March of this year,” McCoy said. “I just think that goes to show there is a lot of wealth in our city.”

According to the developer, current tenants will not be displaced. Rents will be frozen for two years, some fees will be eliminated, and residents will receive free ORCA transit passes.

A public lottery for vacant affordable units also opened Friday. The first available apartments will go to residents earning less than 30% of the area median income, followed by those earning between 30% and 50% of the area median income. Eventually, the organization plans to serve residents earning anywhere from zero to 120% of the area’s median income.

Boyan, who voted in favor of the original social housing initiative, said she strongly supports the broader mission behind the program.

“I’m very much in support of Seattle being a community that can actually be a community,” she said. “That involves people of all different incomes, all different backgrounds.”

She added that maintaining affordability in neighborhoods near downtown and Pike Place Market is critical to preserving Seattle’s cultural identity.

“This neighborhood, in particular, is super important for art and culture,” Boyan said. “Having a pathway for people to be able to afford to live here is super important.”

Still, Boyan said she hopes the agency is prepared for the operational realities that come with managing housing at this scale.

“I would be more concerned with how the actual management of it is going to go,” she said. “What’s the actual plan?”

“I hope they’re thinking through the surprises,” she added.

The Seattle Social Housing Developer said it hopes to purchase another apartment complex before the end of the year while simultaneously launching its first new-construction projects. McCoy said future developments will prioritize larger, family-sized units, including two-, three- and four-bedroom apartments, which she argues are largely missing from Seattle’s current housing market.

SEATTLE, Wash., May 22, 2026 (SEND2PRESS NEWSWIRE) — Global Artists Collective, F-Rock Inc., and Seattle’s Artists at the Center program proudly present “Intersections of Soul, Jazz & Hip-Hop Across the Generations” on May 31, 2026. This rare performance unites generations of artists and music genres, featuring Grammy-nominated jazz artist Nathan Breedlove alongside his nephew, B-Boy Fidget (aka Marcus Sharpe), his brother Ted Sharpe, and the award-winning band Global Heat.

The 12-member ensemble will take you on a journey from the classic Jazz Hip Hop of Digable Planets, Soho, and more; to the Soul hits of Jill Scott and Kandace Springs; to present day fusion of Eric B & Rakim, Kendrick LaMar, and ensemble originals.

Join us for an inspiring cross-cultural, cross-generational celebration of music and community.

• When: Sunday, May 31, 2026 at 3 PM.
• Where: Seattle Center Armory, 305 Harrison St, Seattle, WA 98109
• Admission: Free; All-Ages.

FEATURED ARTISTS:

• Nathan Breedlove — Grammy-nominated trumpeter and composer, Seattle Jazz Hall of Fame inductee, and Lionel Hampton Orchestra
• B-boy Fidget — Dynamic rapper/producer and b-boy; credits include 2 Chainz, Black Eyed Peas, Usher, Waka Flocka, and Tech N9ne.
• Ted Sharpe — Percussionist formerly with the Caribbean All-Stars.
• Global Heat — Funky beats, heart-felt vocals, and positive vibes:
  “Truly remarkable and wonderful original music” [Joyce Taylor, NBC News, Seattle] and “High-caliber” [ Pioneer Center for the Performing Arts, Reno].

ABOUT ARTISTS AT THE CENTER:

This performance is part of the City of Seattle’s Artists at the Center series, a collaboration between the Seattle Office of Arts & Culture and Seattle Center. The program is supported by the Uptown Arts & Culture Coalition and funded by a 10-year grant from Climate Pledge Arena and the Seattle Kraken.

More information: https://www.seattlecenter.com/events/featured-events/artists-at-the-center

ABOUT GLOBAL ARTISTS COLLECTIVE:

Global Artists Collective is a Seattle-based performing arts nonprofit dedicated to creating cross-cultural programming that increases access for underrepresented artists and brings diverse communities together through shared artistic experiences.

Learn more: https://GlobalArtistsCollective.org

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No celebrity endorsement claimed or implied.

NEWS SOURCE: Global Artists Collective

Keywords: Music and Recording, Performing arts, Global Artists Collective, Artists at the Center, Seattle, Nathan Breedlove, F-Rock Inc, SEATTLE, Wash.

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