X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TACOMA, WA-A group of investors led by local commercial broker Bob Fredrickson is hoping to break ground here in January for a 12-story, 104-unit condominium project. The estimated $35- to $40-million project is slated for a 30,000-sf parcel that sits on a bluff in the 200 block of Stadium Way, providing unobstructed mountain and Puget Sound views.Fredrickson, a broker with Coldwell Banker Commercial Danforth, tells GlobeSt.com the project will include three floors of parking and nine stories of housing. The housing will comprise a mix of one- to four-bedroom units ranging in price from about $250,000 to $1.2 million for penthouse units with 360 degree views. Included in the unit count will be one-half dozen live-work units fronting Broadway. Additionally, there will be about 2,200-sf of retail facing Broadway and a 3,600-sf of retail fronting Stadium Way.Drawings for the project are about 50% done, says Fredrickson, and the City of Tacoma has given him a letter saying that if the project proceeds are planned, it won’t have problems obtains building permits. If dirt can start being moved by January, Fredrickson says he would expect to have a certificate of occupancy by spring 2006. In support of the project, the city this week approved a 10-year property tax abatement.Condominium development is relatively new to Tacoma, creating a pent-up demand that has resulted in most condo completed condo projects being 80% pre-sold, says Fredrickson. The city’s economic development agency believes the amount of demand is between 200 and 400 units annually through the end of the decade, which would leave room for an increase in condo development. According to the agency, 2,205 Downtown condominium units have either been completed since 2000, are still under construction or are in the design and permitting process and headed for completion by 2007. Of that total, the vast majority of units are new construction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.