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City Receives One Offer For Premier Development Site
The City of Tacoma received one offer in response to its recent RFPs for the 6.5 acres of City-owned land at 21st and Jefferson, which it has been calling Tacoma's premier development site.
The Puget Sound Business Journal reports that Commencement Bay Development was the lone respondent, with an offer between $3.5 and $4 million for the vacant lots on the hilside between the Brewery District and Hilltop. The property, which the City acquired for police headquarters ten years ago for a price tag of a little over $4 million, now assesses at just over $5 million. The original RFP for the property requested offers at or above Fair Market Value.
Commencement Bay proposes to create plans for a mixed-use development with student housing, market-rate apartments, and commercial space. They would then sell off parcels of the larger property to developers who would do the actual construction.
Commencement Bay Development is made up of Eric Cederstrand, Lia Estigoy, and Brad Nakamura.
Tuesday was the deadline for RFPs for the property, with an October 1 decision date. With only one interested party, and an offer price somewhat lower than had been hoped, the PSBJ reports that the City will evaluate Commencement Bay's proposal and consider where to go from here. So, where do you think we go from here?
Read more previously from Exit133: On the Market: Tacoma's Premier Development Site.
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