A perfect combination of historic preservation and affordable housing...
On the morning of February 28th 2001 an earthquake measuring 6.8 on the Richter Scale rocked Seattle. The OK Hotel became one of only 16 buildings "red tagged" due to quake damage.
Of course, the OK Hotel wasn't in great shape even before the ground shook. Built in 1910, the OK Hotel had suffered from decades of abuse and neglect; last serving as a hotel in the 1950's. Since that time, the upper floors had for the most part been abandoned. When Triad became involved with the building, a mere three months before the quake, only the first floor was being used as a bar.
Listed in the National Historic Register and featured in the hit movie Singles, this building had seen its fare share of use by the time Triad bought it in 2000. Triad worked closely with both the City of Seattle and the State of Washington and in August 2002, we were awarded $5.15 million in Section 42 Low Income Housing Tax Credits and an additional $1 million in Historic Rehabilitation Tax Credits.
The rehabilitation plan for the building called for Triad to completely gut the interior of the structure, add seismic reinforcement and rebuild 44 studio and one-bedroom apartments that are offered at 30% to 60% of Area Median Income levels. Triad also built 10,000 square feet in the basement to be used as small artist studios.
The project was completed in April, 2004 and completely leased within 5 weeks.
• $5.15 million in Low Income Tax Credits allocated to convert 44 units at the OK Hotel
• OK Hotel serves tenants in the 30% to 60% AMI bracket
• 10,000 sf of artist studio space added to the basement of the OK Hotel
• HUD Section 108B Loans used to convert the Buttnick and City Loan Buildings
• Effective occupancy at 96% for all three buildings