Construction has begun near Top Hat of a $72 million 298 unit mixed use affordable housing project called Southside by Vintage by Vintage Housing of Newport Beach, California. They bought property in September for $4.3 million. It's the former site of Bernie and Boys Market at 11225 First Avenue South.

The company will get up to $55 million in tax-exempt revenue bonds issued by the Washington State Housing Finance Commission. The notes will be placed by Citi Community Capital.

Inland Group out of Spokane is the general contractor for the project.

Southside will have four five-story buildings, some commercial space, parking on the surface and underground, a business center, bicycle storage and a playground.

In keeping with affordable housing goals rents in Southside by Vintage will be limited to 60 percent of area median income, with projections of $960 for one bedroom and $1,327 for three. Twenty percent of the units will be reserved for people with disabilities and another 20 percent will be for large households. Eighteen units will be designated live/work.