That was a prime conclusion in a $75,000 study aimed at assimilating 20 plans for downtown that the city has conducted during the past several decades. Many of those plans recommend more housing for downtown, but very little market-rate housing has gone up in the city center in that time frame. Market-rate housing is defined as housing that is not subsidized for its tenants or owners; instead, it’s sold at what the market can bear.
The report, from Barney and Worth of Olympia, is aimed at remedying that by coming up with a strategy for more housing, suggesting a menu of incentives the city can use to lure private development. The study was funded by a grant from the state Department of Community, Trade and Economic Development.
The study will be presented at the next Olympia City Council meeting, at 7 p.m. Tuesday in Council Chambers, 900 Plum St. S.E.
“This is a starting point of what could be larger processes,” said Jennifer Kenny, an associate planner with the city.
The study cites the Jefferson and Fourth location’s proximity to the site of the new City Hall. The four-story, $35.6 million City Hall, due to be complete in early 2011, is expected to spur growth in the east downtown area.
“We talked about a catalytic project,” said Jason Robertson of Barney and Worth. Fourth and Fifth avenues are “heavily trafficked,” he said.
Putting such a building at Fourth and Jefferson is conceptual, and there are no definite plans to develop there. The development proposal is transferable to other parts of the city, according to the report.
The building would be called Artesian Gardens. Envisioned is a seven-story structure with 120 units of market-rate housing in five stories, ground-floor retail space and two stories of parking with 87 spaces.
Studio apartments would be 500 to 640 square feet, one-bedroom units 720 to 780 square feet, and two-bedroom units 1,020 to 1,320 square feet.
An artesian well would be integrated into a fountain that would sit at the corner of the building. Sustainable features would include potential reuse of rainwater for flushing toilets and irrigation, rooftop garden boxes, secure bike parking and electric car charging stations.
The building would have to be funded by both the city and the private sector, the study says. The $27 million estimate includes the city’s property tax abatement program (for eight years). The city also could support the project by subsidizing the parking or relaxing parking requirements.
A long list of other incentives are suggested. The city could:
• Buy selected properties in a targeted area and sell them to the private sector for redevelopment.
• Provide no- or low-cost architectural design, cost estimating and business/real estate financing services to the private sector.
• Give grants and loans for facade improvement.
• Improve the streetscape – sidewalks, lights and signs.
“There’s a lot to work with,” said Steve Friddle, community services manager for the city. “There’s good momentum.”
Matt Batcheldor: 360-704-6869
mbatcheldor@theolympian.com
