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A span linking two of Seattle's major tourist areas is now open to the public. The new Overlook Walk, which opened on Friday, bridges a near 100-foot vertical gap between Pike Place Market and the Seattle Waterfront. Construction on the walk first began in summer 2022.
The $70 million project is part of the larger $806 million Waterfront Park redevelopment project funded through a combination of public and private investments, with the city contributing $320 million.
Downtown property owners are subject to a local improvement district tax with the revenue generated going toward improvement projects near the Seattle Waterfront. Property owners in the Seattle Waterfront Local Improvement District pay an annual assessment of $1,000 over 20 years at a 3.8% interest rate to contribute to the cost of waterfront improvements.
According to the Waterfront Seattle website, the total payment from 2022 through 2041 would be approximately $1,586 based on a $1,000 annual assessment for a property owner within the district.
“Overlook Walk is a testament to Seattle’s innovative spirit, celebrating our rich history while inviting everyone to enjoy the city’s breathtaking natural beauty and vibrant culture,” Seattle Mayor Bruce Harrell said in a news release.
The city touted the project’s ability to provide 225,000 labor hours and $2.9 million in wages to workers as part of its Priority Hire program.
The Priority Hire Program is Seattle’s designation for workers residing in underserved communities. It sets hiring requirements on the city’s large construction projects.
The program started in 2013. Since then, construction workers living in economically distressed communities have earned a collective $100.9 million in wages on Priority Hire projects. Most of these workers are people of color and women.
The waterfront projects generated more than 2.2 million labor hours and $26 million in wages alone.
The Overlook Walk adds approximately 60,000 square feet of new elevated park space to Seattle’s waterfront, according to the news release.
There is more to be added to the Overlook Walk in 2025, including more seating options, a play area for children, and a new concessionaire space featuring local businesses.