$6 million for “retail plaza” in White Center
This news release just in from the King County Council:
Council approves investment in White Center
HUD loan key to redevelopment and jobs in southwest King County
The revitalization of White Center received an economic boost today with action today by the Metropolitan King County Council to accept a $6.25 million federal loan for construction of a retail plaza.
“This is a great opportunity to finance an economic development project that directly benefits the surrounding mixed-income community, creating local jobs for local residents,” said Council Chair Dow Constantine, who represents White Center on the County Council.
“The next step in the transformation of the Park Lake neighborhood into Greenbridge is construction of the plaza that will be financed by this loan,” said Councilmember Larry Gossett, chair of the Council’s Budget and Fiscal Management Committee. “This complex will spur economic growth in both Greenbridge and the communities within southwest King County.”
The legislation approved by the Council authorizes the Executive to borrow $6.25 from the Department of Housing and Urban Development (HUD) and re-lend those funds to the White Center Investment Fund, LLC. The legislation also pledges the County’s Community Development Block Grants funds as additional security for the loans.
The investment Fund will use the loan to leverage the additional funding needed to complete a new 26,500 square foot retail/office plaza near Greenbridge. Greenbridge is a mixed-income community built on the site of the former Park Lake Homes, the King County Housing Authority’s oldest and largest public housing development
The project will also be eligible for a federal tax credit, which will help defray the overall cost of the $11 million project.
The new building, which has pre-lease commitments for 80 percent of its retail space, will provide goods and services to the surrounding neighborhood while creating about 60 job opportunities. It joins a plaza and renovated community center that were built as part of the Greenbridge revitalization project.
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