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TACOMA, WA-An $8.5-million residential development ceremoniously breaks ground today in Downtown’s Theater District. Catapult Development Partners LLC is developing Triangle Townhomes, a 26-unit project at 6th & Fawcett, across from the Grand Cinema.

Oriented around an interior courtyard, the Triangle Townhomes will range in size from 1,400 sf to over 2,000 sf, each with a private garage. Select units will be offered as live/work opportunities with storefronts at the street level. The project designer is Johnston Architects.

The average price is about $219 per sf and includes ownership of the land beneath each of the attached units. Deposits have been placed on all six units in the first phase, with reservations currently being accepted for the project’s second phase.

The project was recently awarded a 10-year property tax abatement by the City of Tacoma as part of an incentive program created by the Washington State Legislature to promote smart, infill development in urban locations. Work on the six-unit first phase begins next week and is scheduled to be available for occupancy in the summer of 2004.

The $8.5-million project cost includes acquisition of the 31,000-sf parcel on which the buildings will be constructed. HomeStreet Bank has provided acquisition and development financing for the project. Weyerhaeuser Realty Investors, Inc. is has provided a mezzanine loan to assist with the project.

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