Seattle Nonprofit Acquires Historic Office Tower for Affordable Artist Housing Conversion

Base Camp Community, linked to Base Camp Studios, has acquired the Gibraltar Tower at 1518 Third Avenue in Seattle for $2.8 million. They aim to transform the vacant office areas into 16 residential units, which will be offered to artists at below-market prices. These units will be set aside for individuals making up to 80% of the area’s median income, specifically $88,000 for singles. This initiative takes advantage of Seattle’s Office to Residential Conversion Program, which grants tax breaks to developers who provide at least 10% affordable housing. Founder Nick Ferderer mentioned that the apartments, each about 900 square feet, will include balconies and studios. The project will also feature a communal area on the second floor and market-rate units on the top floors. Construction financing is underway, and completion is anticipated in about two years. The Puget Sound Business Journal was the first to cover this story.