The June 2 grand opening of the impressive Bill and Melinda Gates Foundation headquarters in Lower Queen Anne is undoubtedly one of the neighborhood’s most momentous social and financial events in years.
It couldn’t happen at a better time for Lower Queen Anne merchants, who appear to have suffered more than their share of economic blows in the past few years. First, the Seattle Supersonics exited the Key Arena, leaving an financial divot that has yet to be filled. More recently, the ongoing economic slowdown appears to have hit the business community around Seattle Center harder than most.
Merchants can only hope that the Gates Foundation gives the area a needed financial shot in the arm. The $500-million foundation headquarters has room to house an estimated 1,200 employees, consultants and contract workers. A number of those people will need shelter and food, clothing and entertainment.
However, local merchants must temper their current enthusiasm with realism. The foundation will certainly make a most welcome financial impact, but it may not be the major bonanza that many may have hoped for. The foundation has already announced that it has no plans to hire new employees. Instead, it is gathering them together from five different locations around the Seattle area.
A lack of new hires should dampen the anecdotal stories of foundation employees helping to create a Queen Anne housing market boom. While it has been reported that some employees have bought homes in the Magnolia and Queen Anne areas and others are renting apartments in Lower Queen Anne, the housing impact will probably be only a minor boost, at best.
Certainly neighborhood restaurants, especially at lunchtime, will benefit. And certainly employees of the relatively new QFC at 500 Mercer St. must feel their ship has finally come in.
Considerable intellectual and philanthropic capital with an international flavor has come to Queen Anne. The foundation will introduce the neighborhood to the world and that is a good thing. This new chapter in lower Queen Anne’s development is something to celebrate.
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