Jan. 4, 2008
King County protects open space, habitat while housing density increases in urban core
Sims says best-in-nation TDR Program is perfect tool for smart growth
King County open space and habitat will be preserved, while housing density will increase at a new development in downtown Seattle through the latest transaction using King County's Transfer of Development Rights (TDR) Program.
King County Executive Ron Sims announced today that 18 development credits have been transferred to a developer who can now add 36,000 square feet of residential space to a Terry Avenue project in Seattle's Denny Triangle.
In exchange for the increased density, the TDR Program has received $396,000 from the developer. The revenue the county receives from the sale will go back into the county's "TDR Bank" for future purchases of rural development rights and land preservation.
"Through this voluntary program, we are providing increased housing in the heart of our region's urban area, while reducing suburban sprawl and preserving farms and forests," said King County Executive Ron Sims.
The 18 TDR credits originated from a rural southeast King County property known as Sugarloaf Mountain near Ravensdale. The 285-acre forest property was destined to become 56 residential housing lots. Instead, King County acquired the development rights in 2000 and preserved the land for its value as fish and wildlife habitat and open space.
Seattle has accepted 62 rural King County development rights in the Denny Triangle since the TDR Program began in 1999. In exchange, King County will provide the city with $500,000 for street improvements in the Denny Triangle area to accommodate the increased density.
The new development project at 1823 Terry Ave. is a 37-story, mixed-use residential building that includes 325 rental units, of which 50 percent are targeted for affordable housing.
"This partnership is a terrific example of the county and city moving beyond political boundaries and acting for the betterment of the entire region," Sims said. "I want to thank Seattle Mayor Greg Nickels for his leadership and former City Councilmember Peter Steinbrueck for his unwavering support of the TDR Program."
Since its inception in 1999, King County's TDR Program has preserved nearly 92,000 acres of valuable open space and fish and wildlife habitat – nearly twice the land of any other TDR program in the United States. More information is available at http://dnr.metrokc.gov/wlr/tdr/.