After years of sitting empty, a prominent Lower Queen Anne lot is finally getting a new chapter. Crews have broken ground on Altaire at Queen Anne, a seven-story affordable rental building that will bring 114 apartments, from studios to three-bedroom units, to a neighborhood where new income-restricted homes are hard to come by. Developers say the site, which has been vacant for roughly five years, will be turned into housing for local workers, families and artists, with initial move-ins targeted for November 2027.
As reported by Connect CRE, the project is a joint effort between the Urban League of Metropolitan Seattle and SRM Development, supported by the Seattle Office of Housing, Amazon’s Housing Fund, the Washington State Housing Finance Commission, Citibank and PNC Bank. The outlet also notes a long lineup of architects, engineers and other specialists working behind the scenes to move Altaire from concept to reality.
What The Building Will Look Like And Who It Serves
According to SRM Development, the project at 118 W Mercer Street will include 44 studios, 52 one-bedroom apartments, six two-bedroom units and 12 three-bedroom homes. Plans for the seven-story building call for an outdoor patio with a dog run, a green roof, a resident lounge and one level of below-grade parking. SRM says the homes are aimed at households earning roughly $66,000 to $100,000 per year.
How The $71 Million Deal Pencils Out
A public filing with the Washington State Housing Finance Commission pegs the project’s estimated total cost at about $70,970,942, with an estimated maximum obligation amount of up to $22,000,000 to support acquisition, demolition, construction and equipping. The notice indicates the financing package may include tax-exempt obligations along with other tools to help close the gap and keep rents in reach.
Construction Status And Why It Matters
SRM Development says it has officially closed on Altaire at Queen Anne and describes the effort as “transforming a site that sat vacant for five years into urgently needed housing for local workers, families, and artists.” Construction is underway, and the team reports it is still tracking toward the planned November 2027 move-in window.
One Piece Of A Bigger Altaire Push
Altaire at Queen Anne is part of a broader slate of Altaire-branded projects the same partners have been rolling out around the region. Recent pipeline deals, including Altaire at Jackson Park, highlight how public and private capital are being braided together to deliver affordable units in higher-cost areas, according to Urbanize Seattle. Observers say blending municipal dollars, state finance tools and private bank commitments is increasingly becoming the go-to playbook for squeezing affordability into central neighborhoods.
From here, neighbors, city agencies and housing advocates will be watching construction progress, permit activity and how the income-restricted units are ultimately leased. We will keep an eye on filings and leasing announcements as Altaire at Queen Anne moves toward its late-2027 opening.
