$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 CountyThe 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.
Tags: Greenbridge, King County Council
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March 30th, 2009 at 3:22 pm
“The new building, which has pre-lease commitments for 80 percent of its retail space.”
omg omg I wonder what the pre-lease companies are?
March 30th, 2009 at 7:23 pm
Who are the people behind and involved in White Center Investment Fund, LLC? I just checked the Secretary of State’s web page
http://www.secstate.wa.gov/corps/search.aspx
and it doesn’t show this LLC as registered with the Secretary of State which is reguired by law.
March 30th, 2009 at 10:07 pm
april fools?…
March 31st, 2009 at 8:03 pm
Where exactly is this space, and yes, does anyone know who is the White Center Investment Fund, LLC?
March 31st, 2009 at 8:21 pm
I can’t find them either but that may just mean they’re not a Washington LLC, for all I know. Will put the question first to the Constantine team. I was kind of hoping the site was old news to White Centerites but apparently not so will figure that out too.
March 31st, 2009 at 9:39 pm
FYI – one Constantine assistant has already answered, although the answer was basically a forward to someone who hopefully will be able to provide the info tomorrow. Will post separately when we know.
April 1st, 2009 at 6:54 am
I’ve done some inquiring. The press release stated this new commercial development would be near Greenbridge. I guess “near” is a subjective term. I have been told it will be located in the vacant lot on the northwest corner of 14th Ave. SW & SW 100th St. King County records shows the taxpayer for that parcel, number 0623049006, to be Willie M. Vong. There is a building permit, B08C0088
http://your.kingcounty.gov/property/permitapps/permdetail.aspx?permit_no=B08C0088 for this project, but that shows Vongs, LLC as the applicant, no mention of the White Center Investment Fund, LLC.
April 1st, 2009 at 10:33 am
That’s what threw me off. I just got info from James Bush in the Constantine office and it is indeed White Center Square. The “LLC” is a Delaware limited liability corporation involving US Bank. Stand by for separate post with more details and documents, hopefully by noon (definitely by 12:20 pm at which time I have to leave for a meeting, in White Center).