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Spokane, Washington  Est. May 19, 1883

Mixed use replacement for Griswold’s building could be underway in spring

TRIBUNE CONTENT AGENCY

Amelia Dickson

The Olympian (Olympia, Wash.) (TNS)

The Avalon building, which will replace the burned-out shell of the Griswold’s Office Supply Building in downtown Olympia, could be open for business as early as 2019.

The proposed 28,000-square-foot development on Fourth Avenue between Franklin and Adams streets would include 30 apartments and a 5,900-square-foot commercial space on the ground floor, according to documents filed with the city.

The developer hopes that work will begin in the spring, said Ryan Clintworth of Big Rock Capital Partners.

The project is a collaboration between Olympia’s city government and Big Rock Capital Partners under the city’s Downtown Community Renewal Plan. The city purchased the 0.17 acre property in 2015 for $300,000, and the developer will tear down the existing building and build the new mixed-use structure. Last week, the Olympia City Council approved the sale of the property to the developer for $195,000. The city agreed to reimburse the company for as much as $150,000 in environmental remediation.

On Oct. 3, the city had approved a $500,000 Section 108 loan to Big Rock Capital Partners to help fund the project. The loan comes from a Community Development Block Grant.

Overall, the Avalon Project is expected to cost Big Rock Capital Partners about $6.3 million, according to documents filed with the city.

As part of the developer’s deal with the city, at least 51 percent of the constructed units must be made available as affordable housing for at least 20 years. By definition, the units must be affordable to renters who make 80 percent or less of the area’s adjusted median income.

In Thurston County, the adjusted median income is $53,500 for a one-person household. Eighty percent of that income is $42,800. The maximum affordable rent is estimated at 30 percent of a person’s monthly income, according to the U.S. Department of Housing and Urban Development.

For studio apartments in the building to be considered affordable, the rent must be $1,070 per month or less.

The rent for a one-bedroom apartment is based on the adjusted median income for a two-person household – $61,000 in Thurston County. Eighty percent of that income is $48,880. For one-bedroom apartments in the building to be considered affordable, the rent must be $1,222 per month or less.

Clintworth said The Evergreen State College and the Thurston Economic Development Council still plan to operate a co-working space in the ground floor of the building. Customers would be able to rent space there by the month or day, and be able to use work stations with desks, monitors and printers. Small conference spaces and larger meeting rooms also will be available for rent.

Amelia Dickson: 360-754-5445, @Amelia–Oly

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)2017 The Olympian (Olympia, Wash.)

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