The Josephinium Acquiring Modern Look -- Old Hotel, Will House Low- Income
Like a grande dame showing off her new finery, one of Seattle's historic landmarks held a "Grand Re-opening" today.
The open house was for the 14-story Josephinum, the former hotel at Second Avenue and Stewart Street managed by the Catholic Church. The renovation will make affordable housing possible for more than 200 low-income people.
The $7.4 million face lift won't be completed until mid-September, but it's more than half completed.
When the project, made possible under a complex financing scheme between the city and private investors, was announced a year ago, Seattle Archbishop Raymond Hunthausen hailed the cooperative venture as a "significant moment for the poor, the church and the city."
The 83-year-old New Washington Hotel was purchased in 1963 by the Catholic Archdiocese of Seattle as a retirement residence for Catholics. Later, it was acquired by Josephinum Associates, a limited partnership in which an affiliate of Catholic Charities of Western Washington is a general partner.
Paul Purcell, vice president of Catholic Community Services, said seven of the 12 residence floors have been redone so far. All 222 units will have new kitchens, bathrooms, carpeting, wiring, plumbing and new room-controlled electric heating.
Purcell said the drive to renovate began about three years ago, when the building's steam-heating, electricity and plumbing were failing. "About a third of the rooms were unusable. . . . We were
maintaining about 110 to 120 residents in the building," Purcell said.
Contractors have been renovating four floors at a time. When a floor is completed, residents from a lower floor are moved in.
With regular tenants now housed, some new units now are available for rental, and another floor will be completed by June 5.
Under the agreement with the city, 72 units will be rented for about $230 a month to people with income less than 30 percent of the median yearly income ($9,200); 120 units for about $335 a month to people at less than the 50 percent median-income level ($15,337), and 20 units at about $430 a month to people below the 60 percent median-income level ($18,400).
The remaining 10 units will be rented at the market rate.
The financing included $2.4 million in city low-income-housing money, $1.8 million in private long-term financing, about $3.25 million from a private investor who will benefit from low-income and historic tax credits, and $300,000 from the state housing trust fund.
People interested in renting a unit may phone Sandra Taschner, Josephinum manager, at 448-8500.