Ballard condo conversion deal falls through

The Lock Vista Apartments in Ballard will not be converted into condos -- at least for now -- owners told tenants Friday.

The affordable-housing complex in Ballard was slated to be sold to a condo-developer this year, but the sale fell through when the buyer was unable to meet its end of the deal, according to a statement by Dominion Real Estate, which manages the property.

Tenants of the 200-apartment building fought back when owners decided to sell the property late last summer, saying that the conversion epitomized how Seattle's housing market is out-pricing people with low to moderate incomes.

Tenants and the Seattle Displacement Coalition lobbied local lawmakers to curb Seattle's skyrocketing condo development by proposing a moratorium on conversions. They also met with the Seattle Housing Authority and encouraged them to acquire the building using eminent domain.

The sale was instigated by an unsolicited offer from The Northlake Group, and tenants have been told the owners don't expect to sell the property right now. Vacated apartments will be re-rented, and tenants will be credited $300 toward their March rent payment.

John Fox, coordinator for the Seattle Displacement Coalition, said he and others with the coalition are trying to persuade Lock Vista owners to sell the complex to a nonprofit buyer, such as the Seattle Housing Authority, that will keep the units priced affordably.

"The reality is, it provides us breathing room and an opportunity to get a nonprofit in there," he said.