TACOMA, WA-A local development group is a few weeks away from breaking ground for the first phase of Marcato, a 400-unit condominium development on the southwest side of Downtown. The first 93 units of the multi-phased, three-block development will be ready for occupancy next fall.The developer is Vision One LLC, a group led by developer Roger Hebert and architect Michael Weinstein. The first building, Reverie, will anchor the northwest corner of the site. Units will range from 655-sf, one-bedroom units to large, top-floor penthouses. The project design incorporates courtyards, city-view points, gardens, plazas, and other resident and public gathering spaces. Hedging against a rise in condo association lawsuits related to leaks and mold, all Marcato buildings will include a fully computerized water-detection system created by North Carolina-based Detec Systems Ltd. Prices for Reverie units will start in the $160,000s and top out at upward of $700,000. The price per sf will be between $240 and $250. Hebert tells GlobeSt.com that design of the next phase will begin once 60% of the units in the first phase are sold. Negotiations are under way with several banks regarding financing for the project, says Hebert.Condominium development is relatively new to the city, creating a demand that has resulted in most condo completed condo projects being 80% pre-sold. 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 city, 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.

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