Coronado Springs
Seattle, WA
Completion: 2004

The redevelopment of Coronado Springs represented a unique partnership between private sponsors and the King County Housing Authority. The property, which had become notorious in the neighborhood for drug and criminal activity, is now a model for change in the community.

Utilizing direct loans for energy improvements from the King County Housing Authority and an unusual lease structure to additionally leverage funds, the sponsors were able to engineer a complete physical transformation of the project—to the delight of both the residents and the surrounding community.

During the renovation, management focused on re-qualifying needy families to assure a safe environment for its residents, many with small children.

In addition to the King County Housing Authority, GMAC Commercial Mortgage and Paramount Financial Group were participants in what was perceived as a complex and socially risky redevelopment.

With new social programs that focus on residents' needs, Coronado Springs is now a thriving member of the multiethnic South Seattle community.