Bullitt Foundation*
Seattle, WA
The Cascadia Center for Sustainable Design & Construction, serves as the Bullitt Foundation’s headquarters and provides onsite green building training and outreach. Developed by the Bullitt Foundation with Point 32 Development, the six-story, 50,000 square foot building aspires to multiple firsts in the nation: the first office building to exceed LEED Platinum and the first office building in the country to meet the goals of the Living Building Challenge.
Investing in truly transformative and inspiring projects often means leveraging financing from multiple sources and MBS Urban Initiatives was impressed that the ambitious project included $11 million in tax-exempt Recovery Zone Facility Bonds from the City of Seattle as well as $10 million of NMTC allocation from the City’s affiliate Community Development Entity. These commitments demonstrated the dedication of the local community to the project. MBS Urban Initiative’s $9 million NMTC investment was combined with an additional NMTC investment from Eco Trust. In addition, MBS affiliate, SunWheel Energy Partners, provided critical assistance to the project on the use of Solar 1603 Tax Credits.
The project partnered with ANEW, a local nonprofit that provides support services and job placement assistance. ANEW’s model is being used to train, support, and locate local hires on the project. ANEW applied and received a subcontract to provide Cascadia apprentices, journey workers, subcontractors and pre-apprentices an industry-recognized credential. This grant enabled ANEW to double its commitment to the Bullit Center project. To date, 51% of these participants were low-income women and people of color.
This institution is an equal opportunity provider.
Quick Facts
Project Goal: Build the greenest, most energy-efficient commercial building in the world to serve as a center for sustainable design and construction.
Total Development Costs: $32,414,525
Square Footage: 50,000 Square feet
Developer: The Bullitt Foundation, in Partnership with Point 32 Development
Tax Credit Investor: US Bancorp Community Development Corporation
NMTC Qualified Low Income Community Investment: $9,000,000
Other Key Project Financing: Eco Trust NMTCs, Seattle Investment Fund NMTCs, Recovery Zone Bonds, The Bullitt Foundation
Construction Jobs: 94
Permanent Jobs: 148
Investment Date: July 2011
Opening Date: April 22, 2013