Luzon Options At Council (14. November 2007, 17:28 by Whitney) ~ Where Was Everyone?
Last night’s City Council meeting was lengthy and included two public hearings, but was light on the Council members. Only five were in attendance, including the mayor. However, it was enough for quorum and business got done.
Ordinance 27657, the proposed changes allowing the height increase on the Thea Foss was read for the first time. It will be voted on in the next Council session. (Previously on Exit133) But the big item on the agenda was Resolution 37314, the execution of an agreement with the Gintz Group to restore the Luzon. This resolution passed unanamously.
The Resolution will provide the Gintz Group with help to restore the Luzon and turn it into commercial condominiums on all 6 floors. The total project cost is estimated at $6 million. The City will help the project by providing a $1.65 million loan, and help navigate the permits and tax credit options. There are two options for the terms of this loan which are still being debated, largely because of some possible federal tax credits, but the end result is a rehabilitated Luzon and a full return on investment for the city.
The simple financing proposal is for the City to provide a no interest loan to the Gintz Group, with full repayment in 15 months when the project is completed, as well as 50% of the profits made on the sale of the building at completion. The complicated version involves federal tax credits, which have provisions for the sale of the building attached. In that version the City’s loan is extended past the 15 months and there are some fancy accounting requirements to compensate for the tax credits and charge interest after the initial construction phase. Upon sale of the building the City would still receive 50% of the profits as originally planned.
The Contract includes provisions for open records of all expenditures and the addition of land for an elevator and stairway. Financially, it could be complicated, but the bottom line is that we could see the building restored completely by Fall of 2009. And we like that idea.
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I wish there were going to be some retail in it but I’ll take it! That building has been vacant as long as I’ve been in Tacoma and to see it alive again would be awesome.
1 | Posted by John Moltz | Nov 14, 06:18 PM
It seems to me that most communities of any size have a building like the Luzon, much is said about it and very little done about it. It will be refreshing to see something done with the Luzon. I don’t think it will be a great money maker for anyone but it will get the Luzon off the list and get the city on to more important things to address. I guess we are overly blessed in Tacoma with many building not unlike the Luzon that need some love and repurposing.
3 | Posted by Crenshaw Sepulveda | Nov 14, 08:09 PM
“GO GINTZ “ and thank you to the #5 C/Council members able to vote for this much needed “make-over”: We shall be patient but the PURE JOY of seeing tree’s no longer growing out the windows of this landmark is worth the wait-who knows- maybe the Woolworth’s lunch crowd on those stools is on its way back !
4 | Posted by Bell Capt: | Nov 14, 10:45 PM
Often the talk around here comes around to a grocery store downtown. I can’t, for the life of me, think of a better location than the Broadway entrance side of the Woolworth’s building. Maybe it wouldn’t be the biggest store as a grocery but if downtown is going to have a real grocery store this would probably be the best place to have one. I know that the location is occupied and I have no idea who owns it, but a grocery store in that location would be very sweet and very workable. And, by all means, the old lunch counter there should make a come back.
5 | Posted by Crenshaw Sepulveda | Nov 14, 11:37 PM
The Old Woolworth’s is, basically, a big automatic telephone operator. At least that’s what I believe it has been since 1993.
6 | Posted by The Gulag | Nov 15, 12:26 AM
If it has been that since 1993 the technology should be at the point where the whole darn operation should be able to fit into something the size of a kid’s lunch box, what a waste of space.
7 | Posted by Crenshaw Sepulveda | Nov 15, 12:43 AM
The Luzon has always been a favorite building of mine. Its been in that state of disrepair as long as I can remember(surprised its still standing to be honest)
Its on my way to work every morning; it will be nice to see it brought back to its beauty someday.
8 | Posted by Tacoma (A)roma | Nov 15, 09:31 AM
Is that crazy spike still at the top of the Luzon? I haven’t been near the building in awhile from an angle that I could see it. I’ll look the next time I’m on the 705. I think it was a broken off flag pole … man that thing looked evil.
9 | Posted by Erik Hanberg | Nov 15, 09:59 AM
Dude, Erik, careful calling it “the 705”. I know you’re from here and all, but that sounds downright (shudder) Californian. (Sorry, Derek.) In the fine tradition of other highways such as 405, true locals leave off the article, meaning it is just “705”. (Don’t get me started on people that say “the 5” instead of “I-5”. I guess it at least helps identify the outsiders…)
Rant over.
Quick check out the office window confirms that there is indeed a spike on top of the Luzon. But I prefer the term “spire”.
10 | Posted by jamie from thriceallamerican | Nov 15, 12:02 PM
Do you really want to know, Andrew? :-)
12 | Posted by jamie from thriceallamerican | Nov 15, 02:26 PM
Can we move this back to the “retail possibilties” of those of us who suggest a“short SAFE walk” to a ton of choice’s ! The parking garage “make over” is “retail on two streets- Commerce & Pacific”- the Gintz Group has a retail spot it will create for a tenant: thats a ton of options in the downtown core of T/Town. Can we get an order of “maxi fries-Taco Time style again without heading for 6th ave. (Crazy George’s Taco in the old days was the place for lunch)& the Woolworth’s counter of coarse.
14 | Posted by Bell Capt: | Nov 15, 07:58 PM
Andrew, not that I’m bashing California, but we have all of those things in Washington too.
Strong economy: check.
Beautiful natural resources: check.
Diverse population: check.
Extremely varied climate and topography: big check. Rain forests, desert, mountains, inland sea … oh yeah.
17 | Posted by Erik Hanberg | Nov 16, 11:13 AM
Andrew, this is awesome. Sorta like the playground back in elementary school. I think the only proper Washingtonian response at this point would be: If you like it in California so much, why don’t you go back there?
18 | Posted by jamie from thriceallamerican | Nov 16, 12:48 PM
Question:
If you had access to 6 million dollars, what would you do with it?
21 | Posted by Mofo from the Hood | Nov 18, 12:42 AM
Mofo, you kiddin? I’d buy a fixer-upper on the beach in Santa Cruz, California.
22 | Posted by Squid | Nov 20, 11:06 AM
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