New Apt. Project Near Mall Seeks Tax Exemption (24. September 2006, 20:17 by Derek Young) ~ Living Near The Mall
Some of our friends really enjoy reading city council meeting minutes and agendas. We’re glad somebody enjoys it…
Seawest Investment Assoc. will build 240 to 280 market rate apartments in the Tacoma Mall Mixed Use Center. More specifically, the project is in the 4000 block of South Lawrence Street. Construction costs are estimated at $10 million with the available units then renting for between $595 and $1095. The company will be going before the City Council on October 10th for approval of the Multi Family Tax Exemption.
If you’ve been in this area recently, you’d discover that there’s some serious building going on near the mall. It’s going to be a different neighborhood in a few years.
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Using the numbers provided, the construction costs work out to $35-42,000 per unit on average. This probably means moderate-quality materials and craftsmanship and some much-needed new affordable housing. A lot of the new rowhouse developments that have shown up in that area are relatively high density (20 du/ac and up). Very encouraging to see vacant and underused parcels being converted to higher density all over the city. Maybe the Tacoma Mall Area Tour of Urban Living will be reality soon!
1 | Posted by drizell | Sep 24, 11:30 PM
Tacoma Mall Mixed-use. What is wrong with this phrase?
2 | Posted by morgan | Sep 26, 01:11 PM
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