By TIMOTHY SCHUMANN | THE CENTER SQUARE
King County has spent $11.6 million on a property in Seattle to house the homeless.
The property in question resides at 1010 East Republican Street in the Capitol Hill neighborhood and stands on a 0.07 acre lot that is made up of two parcels, according to King County property records.
The $11.6 million means roughly $322,222 per unit for the 36 unit building, which is a substantial increase over the $8.9 million appraisal valuation.
Contrast this with a recent sale between two private parties, such as 915 E Harrison Street a mere block away, which sold for $7.05 million, or roughly $163,953 per unit for the 43 unit building. This is actually $6.7 million below its total appraised value of $13.8 million.
This purchase is the latest to use funds from the Health Through Housing Measure which “aims to house up to 1,600 people experiencing chronic homelessness,” which passed the King County Council unanimously in December of 2021.
“The plan anticipates expending $333.7 million for capital financing and site improvements, $309.5 million for emergency and permanent supportive housing operations, $67.2 million for behavioral health services outside of Health through Housing sites, $3.7 million to build capacity of agencies who represent communities disproportionately experiencing chronic homelessness, and $5.5 million for evaluation and performance measurement,” according to the county’s website.
According to the program website, properties will also include 24/7 onsite staff, case management, employment counseling, and access to health and behavioral health services.
The timeline for the property opening to residents at 1010 East Republican is unclear, and the King County Department of Community and Human Services did not immediately reply when asked for more information on the matter.
