The Seattle Social Housing Developer (SSHD) will soon be the new owner of the Elara at the Market apartment complex, making social housing a reality in the city.

The purchase of the first building was unanimously approved by the SSHD Board on Thursday.

The Elara apartment complex is next to world-class amenities, across the street from Seattle’s beloved Pike Place Market and the new Waterfront Park.

The building itself has 150 units, all in excellent condition. SSHD paid about $60 million for the apartment complex, well below the recent sales price of quality apartment units in downtown Seattle.

As of Friday, the lottery to apply for this housing is live on SSHD’s website. SSHD staff also plans to hold pop-up events in various parts of Seattle to meet people where they’re at, talk to them about social housing and let them know about the lottery.

SSHD will fill the first 15 vacancies with households at or below 30% of median income. The next 45 units will be filled with households with incomes between 30 and 50% of median income. All told, SSHD staff estimates the developer will be creating 60 units of deeply affordable housing in Belltown this year that would not have existed otherwise.

As a housing developer, SSHD is different than most. It’s not about profit for us. SSHD believes housing is a public good. The developer aims to provide high quality housing that fosters community, is inclusive, permanently affordable, and climate forward.

In keeping with that, we plan to offer free, one-year ORCA passes to all residents at Elara. And to freeze rents for existing leases for two years, through June 2028.

SSHD also wants to get rid of hidden fees, so plans to stop using the Ratio Utility Billing System, or RUBS. And we will eliminate fees for pest control, and bike storage. We also plan to analyze other fees residents are being charged.

SSHD expects the purchase of the Elara apartment complex to be completed by mid June and is contracting with a property management company to help take care of the building and residents.

Three years ago, a majority of Seattle voters said they believed in social housing.

Last year, Seattle said yes to social housing again, and approved the city’s social housing tax, which is paid by some of the city’s wealthiest companies.

This moment belongs to everyone in Seattle who has supported social housing.

Visit our Housing page for more information.