Bellingham Housing Authority and Enterprise Celebrate the Grand Opening of Walton Place Two
Workforce Housing and Retail Space Ready for Occupancy in the Central Business District
SEATTLE, WA – March 23, 2011 – (RealEstateRama) — Bellingham Whatcom Housing Authorities, Representative Rick Larsen (WA-2), Beacon Development, Enterprise and residents today celebrated the grand opening of Walton Place Two, the second and final phase of a newly constructed mixed-use workforce housing community in downtown Bellingham. Located at 1511 North State Street, Walton Place Two has 2300 square feet of commercial retail space available on the ground floor and 40 green affordable apartments for larger families and families with special needs on the upper levels.
“When we finished Walton Place One in 2008, the community response to having environmentallyfriendly affordable homes revitalize the neighborhood was overwhelmingly positive,” said John Harmon, executive director and CEO, Bellingham Whatcom County Housing Authorities. “Now with the support of the city, our partners and friends, the grand opening of Walton Place Two will bring even more homes and business opportunities to working class families and entrepreneurs near the core of downtown.”
On the site of the former Walton Beverage Company, the apartment complex offers one-, two- and three-bedroom homes to families earning between 50 and 60 percent of the area median income. A transit oriented development (TOD), the property is in close proximity to the Bellingham Transit Center, making it extremely convenient for residents to get to jobs and other needed lifestyle services such as shopping, entertainment and downtown amenities. Walton Place Two is an energy-efficient property and received a planning and development grant from Enterprise Green Communities to support the inclusion of green components during construction. It is also an Enterprise Green Communities certified community.
“We are especially pleased to have assisted in the development of Walton Place Two, a vibrant mixed-use community that supports the rejuvenation efforts in downtown Bellingham,” said MA Leonard, vice president and Pacific Northwest market leader. “This community is a place where residents can walk to jobs, schools, health care services and can easily access transit opportunities. Enterprise is proud to be a part of this spectacular effort.”
Walton Place Two was the first project to be awarded funds under the Washington Works pilot program recently launched by the state to encourage the construction of affordable housing. In addition to the gap financing made possible by Washington Works, the property also received additional stimulus funding through the American Recovery and Reinvestment Act of 2009.
Further financing was supplied by Wells Fargo, the Washington Community Reinvestment Association, the City of Bellingham and the Washington State Housing Finance Commission which provided a grant from the tax credit assistance program and funding from the state equity fund. Enterprise Community Investment provided the low-income housing tax credit equity and acquisition and predevelopment financing was supplied by Enterprise Community Loan Fund.
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Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For nearly 30 years, Enterprise has introduced neighborhood solutions through publicprivate partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $10.6 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Enterprise is currently investing in communities at a rate of $1 billion a year. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise’s efforts to build communities and opportunity
Contact:
Heather Raspberry
410.772.2449 – office
HRaspberry (at) enterprisecommunity (dot) org
