Last month, Seattle Mayor Jenny Durkan drafted a proposal known as the ‘Mercer Mega Block’. The plan presents a breakdown on how funds will be allocated from the sale of nearly three acres in South Lake Union. Alexandria Real Estate won the bid for the location, paying $143.5 million. A portion of those funds will be designated to address the homeless problem in Seattle, as well as affordable housing.
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Mayor Jenny Durkan announced a major update in the sale of nearly three acres in South Lake Union, dubbed the “Mercer Mega Block,” as it was revealed that Alexandria Real Estate won the bid, committing to a total of $143.5 million for the land and money allocated to provide services to the homeless. According to the Puget Sound Business Journal, Durkan’s proposal “would buy real estate to preserve and build affordable housing, work with employers to foster homeownership and provide financing of backyard cottages, or accessory dwelling units (ADUs).”
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The biotech presence in South Lake Union is set to grow, as Puget Sound Business Journal reports that Alexandria Real Estate Equities plans to construct an office and research building—with a $76.5 million price tag—at 1150 Eastlake Avenue East. The project will comprise 12 stories and 303,000 square feet and is one of four projects Alexandria is planning in the region.
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