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Housing fees don’t damp building boom

By September 11, 2007

Uncategorized

Seattle Times, Housing fees don’t damp building boom:

Those regulations, which took effect in spring 2006, allow residential developers to build to 400 feet, or about 40 floors, in parts of downtown’s Denny Triangle, an area now dominated by parking lots and low-rise buildings.

Elsewhere downtown, residential developers are allowed to build to 45 stories or more.

In one Denny Triangle section, for example, developers pay nothing for affordable housing if they stay below the designated base height limit of 290 feet.

For every floor above that, they pay $15 to $25 a square foot up to the maximum height limit of 400 feet. The higher the floor, the higher the rate, since the views tend to be better and worth more to developers.

What other condo taxes are buyers paying?