Acer House
Seattle, WA • 121 units • development
A 121-unit ground-up Opportunity Zone development in Seattle's historic Central District that represents one of the city's first truly anti-racist, equitable developments. Launched in summer 2020, the project features afro-futurist design by Schemata Workshop and Donald King, with female and minority-owned businesses represented in every category of work.
The Challenge
The Central District's established 4-story zoning couldn't support the project's ambitious vision for truly equitable, affordable housing. Creating a development that honored the neighborhood's African American heritage while delivering long-term affordability required unprecedented community partnership, innovative design, and creative zoning solutions.
Our Approach
- • Partnered with Urban Black Community Development to ensure community-centered approach from inception
- • Engaged Schemata Workshop and Donald King to develop afro-futurist design theme—a positive, inclusive celebration of African American heritage appropriate for the diverse Central District
- • Worked closely with City of Seattle and neighborhood groups to request and secure two-story upzone from 4 to 6 stories, enabling project feasibility
- • Secured financing from Amazon Housing Equity Fund with unprecedented 99-year affordability covenant at 40-80% AMI
- • Included female and minority-owned businesses in every category of work, demonstrating commitment to equitable development practices
- • Designed 6 commercial spaces around community courtyard to support local businesses and activate the neighborhood
- • Assembled capital stack with Stearns Bank senior construction financing and forward commitment from CBRE and Freddie Mac for permanent financing
The Result
Broke ground Q1 2025 and on track for Q4 2026 completion—ahead of schedule and under budget, consistent with Great Expectations' construction track record. Will deliver 121 homes (predominantly 1BR, 2BR, and 3BR units for families) with 99-year affordability restrictions, 6 commercial spaces, and a development model that proves equitable, anti-racist development is both achievable and financially viable.
Location
Seattle, WA
Project Overview
- 61 units at 40% AMI
- 60 units at 80% AMI
Key Dates
Capital Structure
- Amazon Housing Equity Fund (99-year affordability covenant at 40-80% AMI)
- Opportunity Zone equity
- Stearns Bank senior construction financing
- CBRE/Freddie Mac permanent financing commitment
