|
Lifting the Lease Lid and Bringing Back the Ave
June 2004
What's a lease lid? A "lease lid" is a limit on the square footage of property the University of Washington (UW), may lease in the neighborhood surrounding its campus. Lease lids were established because of concerns about loss of housing and neighborhood character around major institutions.
The UW was the first to have a lease lid in the 1970s. In 1996, the City removed lease lids for all other major institutions except the UW. The City established a process to work with major institutions and community groups through a Master Plan processes. Limiting leasing was no longer the only tool to manage the boundaries of institutions within a neighborhood. Despite that, the UW lease lid remained.
The UW lease lid allowed the UW to lease space only on University Way (the Ave) and in its vicinity. In 2003, the University was nearing its lease limit and would have been unable to lease any additional space close to campus. This containment policy put a strain on the University's ability to create new jobs in our tight economy.
When was the UW lease lid lifted? On June 16, 2003 the City Council voted 6-3 in favor of lifting the lease lid in the University District. The Mayor signed this legislation into law on June 26, 2003.
What is the status of the lease lid? The lease lid has been lifted. However, there is a danger that it will be reinstated. Last year eight organizations appealed the City's action to lift the lease lid. The Growth Management Hearings Board found on March 3, 2004 that the City Council should revote on the ordinance.
How does lifting the lease lid help revitalize the University District? Lifting the lease lid is an important part of the Mayor's strategy to revitalize the Ave. University leasing along the Ave will bring new employees and visitors who will support restaurants, stores and entertainment spots, and who will in turn attract others to invest in the community.
An example of the great changes being brought about as a result of the lease lid lift is a new mixed-used development announced recently by Unico Properties. The project will combine office and retail space, and bring 32 new units of housing to the community.
Back to "Ave" Home Page
|