Developers in Seattle break ground with unique idea
The trendy neighborhood of Capitol Hill in Seattle is undergoing changes, but some residents are uneasy about the new developments in the area. Real estate in Seattle neighborhoods like Capitol Hill often consists of old homes, including some well-kept Victorian-style dwellings. Two developers are trying to blend the character of older homes in the area with new, modern facilities.
Instead of knocking down a home in Capitol Hill that was built in 1903, developer Graham Black and architect Brad Khouri are moving the house eight feet toward the street and building three town houses in the backyard. This isn’t the team’s first save-and-build project, and the duo believes it is a good idea for others to follow suit for a high density urban community.
“It's a hedge against risk from a development perspective,” Black said. “In a market that has real town home scarcity, it's not going to be the best financial return, but it will be a good financial return and we wouldn't be doing it if there wasn't a nice return.”
Homes in Capitol Hill vary from upwards of $1 million to the mid-to-high price of $100,000. With the possibility of more developments such as this one in the neighborhood, more value will be added to an already sought-after neighborhood.