Waterfront Seattle is a multi-year program to rebuild Seattle’s waterfront following the removal of the Alaskan Way Viaduct. The Program spans the waterfront from Pioneer Square to Belltown and includes a rebuilt Elliott Bay Seawall, a new surface street providing access to and from downtown, and new parks, paths, and access to Elliott Bay. Waterfront Seattle is led by the City of Seattle’s Office of the Waterfront, working closely with civic leaders, stakeholders and the broader Seattle public to create a “Waterfront for All.” -from the WaterfrontSeattle.com website.
They recently announced announced the details of a long-anticipated Local Improvement District (LID) assessment on property owners that are located in the immediate vicinity of proposed improvements. You can visit their website for full details, additional resources, and links to studies that have been completed to date.
- The independent real estate appraiser found approximately $414 million in special benefit in the LID study area.
- The City’s proposed assessment percentage is 48.27%; this percentage would collect $200 million as identified in the Waterfront Seattle Program funding plan.
- The City’s proposal is a one-time assessment and would not exceed $200 million.
- For commercial properties, the range of preliminary assessments as a percentage of market value is 0 – 2.87%. The median assessment as a percentage of market value is 0.24% or $7,300.
- For condominiums, the range of preliminary assessments as a percentage of market value is 0 – 1.45%. The median assessment as a percentage of market value is 0.24% or $2,379.
This Week’s Waterfront Activity
4 NEW LISTINGS –
Kirkland ($4.5 M), Lake Forest Park ($2.8 M), Medina ($8.5 M), and North Seattle ($2.4 M)
2 PENDING SALES –
West Seattle ($2.3 M, $3.5 M)
4 SOLD PROPERTIES-
Kenmore ($2.5 M), Lake Sammamish ($2.1 M), Laurelhurst ($5.1 M), and Mercer Island ($3.0 M)
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© Copyright 2018. Information and statistics derived from Northwest Multiple Listing Service.