Northwest Voices | Letters to the Editor
The Housing Authority partners with Vulcan to redo Yesler Terrace
Selling downtown property is shortsighted
Once again the city of Seattle shows its fiscal shortsightedness. To fund the redevelopment of Yesler Terrace public housing project, “it plans to sell some of the 30 acres to a private developer” [“Vulcan to redo Yesler Terrace,” NWWednesday, Jan. 23].
The Housing Authority is giving up valuable downtown view property that will only increase in future value.
It should take a page from the University of Washington’s playbook. The UW has held steadfast to all of its valuable downtown real estate some 100 years-plus after moving its campus. And yet, you don’t hear anyone suggesting it cash it out to finance its new football stadium.
This project could be paid for with 30-year bonds and rent income from the proposed retail, offices and condos.
--Tom Wasserman, Seattle