Title
Approval of a Resolution Authorizing the Execution of a Real Estate Purchase and Sale Agreement with 228 Olympia, LLLP for 303 Franklin Street
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to approve a Resolution authorizing the execution of a real estate purchase and sale agreement between City of Olympia and 228 Olympia, LLLP for 303 Franklin Street for use as affordable housing.
Report
Issue:
Whether to approve a Resolution authorizing the execution of a real estate purchase and sale agreement between City of Olympia and 228 Olympia, LLLP for 303 Franklin Street for use as affordable housing.
Staff Contact:
Jacinda Steltjes, Affordable Housing Program Manager, Office of Community Vitality, 360.753.8482
Presenter(s):
None - Consent Item
Background and Analysis:
The City's 2023 Work Plan includes pursuing an agreement to allow an affordable housing project at 303 Franklin Street to proceed. Staff has worked closely with TWG Development, managing general partner of 228 Olympia, LLLP, on an 81-unit multi-family rental housing project that will serve homeless residents, disabled residents, and households with incomes at or below 60% of Area Median Income. Staff is also working with TWG Development to incorporate a workforce development element as well as optional supportive services into the project.
TWG Development and 228 Olympia, LLLP
TWG was founded in 2007 and is headquartered in Indianapolis, Indiana. City staff has worked closely with TWG development directors based out of Bellevue, WA. TWG is a fully integrated real estate development company specializing in commercial, market rate, affordable and senior housing developments across the country. They have worked in 17 states, including Washington. TWG has experience in development, financing, design, construction and management of housing projects and has built over 10,000 units nationwide. TWG's mission is to produce value to t...
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