Amazon to funnel $100 million into affordable housing in Bellevue
In case you missed it: Amazon is pumping another $100 million into the City of Bellevue’s affordable housing scene!
Announced at the groundbreaking for the Spring District’s Bridge Housing project, check out the full details at the press release linked here, and snippets from the 425 Business coverage below.
“Amazon Announces $100M to Affordable Housing at Groundbreaking of New Spring District Project”
Amazon said it’s committing $100 million in the city of Bellevue to accelerate the production of affordable housing for low- to moderate-income families. The announcement was made Thursday at the groundbreaking for a new development in the city’s Spring District.
David Zapolsky, chief global affairs and legal officer at Amazon, announced the news at the groundbreaking for the project by San Francisco-based nonprofit affordable-housing developer Bridge Housing. Bridge Housing will bring 234 units to city through a transit-oriented development next to Sound Transit’s Spring District light rail station. Sound Transit provided the property for the project.
Zapolsky said the project is one of the largest Puget Sound developments Amazon has helped fund as part of the company’s $3.6 billion initiative to preserve and create 35,000 affordable homes across its key employment regions of Puget Sound, and the Washington, D.C., and Nashville, Tennessee, regions. Amazon’s Housing Equity Fund, first announced in 2021, was increased last year. In Bellevue, Amazon will work closely with the city to reduce construction timelines and get families into homes faster, it said.
“To date, we’ve helped create or preserve more than 1,400 homes in Bellevue, which increased the city’s number of affordable housing units by 31%,” Zapolsky said in an Amazon news release. “Today’s commitment moves us even closer to our collective goals of securing affordable housing for those in need.”
The new community will be housed in two buildings and feature studio, one-, two-, and three-bedroom apartment homes for households earning 60% of the area median income and below. Reflecting Bridge Housing’s support model, 40 units will be reserved for residents with developmental disabilities, with onsite support services provided by Wellspring Family Services and Open Doors for Multicultural Families, Bridge Housing said in a separate release.
The Spring District community is scheduled for completion in November 2026.
Bridge Housing President and CEO Ken Lombard said the project embodies Bridge’s commitment to tackling the affordable-housing crisis in what he called areas of high need like Bellevue, and throughout the West Coast.
“We are grateful to stand shoulder-to-shoulder with dedicated partners at the city, county and state levels, along with business allies like Amazon, to help address this ongoing and urgent challenge,” Lombard said in the Bridge Housing release.
The project reflects Bridge Housing’s collaborative development approach, with various funders from the public and private sectors, the release said, noting Amazon, the Washington State Department of Commerce, King County, city of Bellevue, ARCH-A Regional Coalition for Housing, Citi as construction lender, JLL as permanent lender, the National Affordable Housing Trust as tax credit investor, and others.
The project’s architect is GGLO, the general contractor is Expel Pacific, and property management services will be provided by Avenue5.
Alice Shobe, global leader of Amazon Community Impact, said in Bridge’s release, “We know that when people have access to public transit it can have a big, positive impact on their day-to-day lives, and this development is steps away from the Spring District light rail station. It’s the kind of project we created Amazon’s housing fund to support, and we’re grateful for the chance to work with Sound Transit and BRIDGE Housing in Bellevue.”
Including the Spring District project, Bridge Housing has more than 1,000 units of affordable housing open or under development in King County, it said. Overall, Bridge’s $4 billion portfolio includes more than 14,000 apartments in California, Oregon, and Washington with another 10,000 units in the development and acquisition pipelines.
Bridge’s release, citing King County data, noted the region’s need for affordable housing, saying that 23 housing units are available and affordable for every 100 extremely low-income households in the county, leaving a shortage of more than 7,000 affordable units. Seven of 10 low-income households are considered cost-burdened, meaning they spend at least 30% of their income on housing, the release added.