An effort to create a community-owned development in Loyal Heights has now attracted $2.7 million in pledges from 96 people, according to organizer Jed Sundwall.
The pledges represent the amount participants have said they would be interested in investing in the property, rather than money currently being collected.
The effort began this spring with a proposal to form a community-governed entity that could purchase and redevelop property at NW 80th St and 24th Ave NW. The site was previously listed for $8.8 million.
By May 11, the project had received more than $1.5 million in non-binding pledges from 27 people.
Sundwall said the people who have pledged money include the owners of several neighborhood businesses, including Mailbox Ballard, Saleh’s, Cafe Munir, and Mox Boarding House.
“I think it’s truly remarkable how quickly so many people in the neighborhood have rushed to get involved here,” Sundwall told My Ballard.
About 30 people attended a meeting at the Ballard Elks Lodge in July to discuss the project and its next steps. The group determined that they first need to establish a nonprofit that can serve as a legal entity and organize interested community members, Sundwall said.
The group has identified three board members, the minimum needed to register the nonprofit with the state, but is seeking additional people who want to get involved. Organizers are also looking for someone to serve as the nonprofit’s executive director. Sundwall said the position would initially be unpaid, though the group may be able to raise money to provide the executive director with a budget.
Sundwall is also considering holding a neighborhood fundraiser during the holiday season.
After establishing the nonprofit, organizers plan to develop a way to handle money that residents want to invest in the neighborhood. Sundwall said lawyers have volunteered to assist the group, but it is still seeking additional attorneys with real estate experience.
The scope of the potential purchase has also expanded. According to Sundwall, the church selling the property has added the neighboring Loyal Automotive parcel to the listing, increasing the amount of property the group would need to acquire.
People interested in joining the board, serving as executive director, helping with a fundraiser, or offering legal assistance can contact Sundwall at jed@dtlh.org.
Photo: 24th Ave NW and NW 80th St / Google Image Capture