After approximately nine months of site prep work including clearing, grading, constructing large retaining walls and infrastructure installation, the first buildings of a 191-unit affordable housing project called Panorama Apartments have been framed. The development is located on Frontier Ave in the Eagle Pointe neighborhood of Snoqualmie Ridge.
According to City of Snoqualmie Building Official John Cooper, crews have begun framing the three smaller ‘carriage-style’ unit buildings located on the top part of the sloped property.
All of the complex’s 10 buildings will be 3 – 4 stories, with the taller, larger buildings located on the lower portion of the site. The foundations are currently being poured for some of those buildings.
Panorama Apartments is a subsidiary of DevCo, Inc, which built Discovery Heights in the Issaquah Highlands. The complex also includes 316 parking spots (295 open and 21 garage); a leasing office; an indoor recreation center; and outdoor recreation space. In its initial project application, Panorama said apartments would vary in size and include one to five bedrooms floor plans.
In April 2018, the Washington State Housing Finance Commission approved financing for the Panorama Apartment project, including $26.9 million in estimated tax-credit equity and a $45 million tax-exempt note.
All of the apartments will be affordable for those earning up to 60% of King County average median income (AMI), which in 2019 was $108,600 for a family of four. Typically, each size apartment comes with a maximum income level and an established maximum rental rate depending on size of the apartment and the family.
Cooper said Panorama Apartments is shooting for occupancy of the first building in December 2019. He said typically they start pre-leasing five months in advance of occupancy. No website has yet been launched for the new complex.
Those interested in applying for housing are encouraged to check the City of Snoqualmie Panorama Apartments [Affordable Housing] Project Page or email email@example.com