Preserving Retail Affordability in Seattle's Little Saigon: The Impact of Policy on Financial Feasibility

Abstract

I present an exploratory analysis of the impacts of policy alternatives on the financial feasibility of a real estate development project in the Little Saigon neighborhood that includes affordable commercial space. Preserving affordable commercial real estate in this neighborhood can revitalize the local economy, retain uniqueness and cultural character, and mitigate the negative impacts of commercial gentrification. This analysis provides a blueprint for understanding the challenges of affordable real estate and I outline and evaluate methods for making affordable commercial development more financially feasible. I conclude by recommending a broad-based, neighborhood-wide strategy to preserve affordable commercial space, thus stimulating the local economy and retaining the cultural character of the community.