Jan 24th, 2024: Today marks a pivotal moment as the groundbreaking ceremony commences for the Terrapin Apartments, a beacon of hope amidst downtown Bellevue's upscale condos. With 172 units, 155 of which are designated affordable for working families earning 60-80% of the area median income, this development is a testament to the power of community collaboration.
Gratitude extends to JOHNSON & CARR, INC., the City of Bellevue, Amazon, and other stakeholders for their unwavering support, including a low-interest loan of $20.15M from Amazon to fuel this vital housing project.
Last fall, Amazon's Housing Equity Fund allocated a monumental $20.15 million loan to Johnson & Carr, ensuring that 155 homes within the Terrapin Apartments remain affordable for nearly a century. This landmark investment underscores Amazon's commitment to accessible housing solutions and highlights the potential for private developers to drive positive change.
The Terrapin Apartments, strategically located within walking distance of 11 bus stops and a light rail station, embody a transit-oriented development ethos. Offering a range of studio, one-, and two-bedroom units, along with amenities such as a fitness room, resident lounge, and rooftop deck, the project aims to enhance the lives of downtown workers while reducing commuting burdens.
In essence, the Terrapin Apartments symbolize a new era of inclusivity and sustainability in downtown Bellevue, offering hope and opportunity to individuals and families seeking affordable housing solutions.