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UPDATED: New Development: Stadium Apartments
A new mixed-use development is in the works to bring retail and residential space to the Stadium district.
The planned 220,000 square foot market rate apartment project would replace the (currently completely under-utilized) surface parking lot at 102 North G Street. That's across the street from Stadium Thriftway and the old Titus Will space that is on its way to becoming a German-style beer hall.
It would bring 172 new market-rate apartments to the neighborhood, along with a 204 stall parking structure, and 2,260 square feet of retail space. That's slightly larger than the recently completed Proctor Station development, with a couple dozen more residential units, but significantly less retail space.
The developer, Stadium Apartments, LLC plans to break those 172 units into a mix of studio, one-bedroom, and two-bedroom apartments, ranging from $1,255 for the low-end studio price, to $3,091 for the high end two-bedroom with den.
The project goes before the council for approval of an eight-year property tax exemption. The exemption would mean no property taxes would be collected on the new development for the first eight years. Taxes will still be collected on the unimproved value of the property, and at the end of eight years, the full improved value goes back on the tax rolls.
Construction is expected to begin on the project this July, and be completed in August of 2018. That's a few years ahead of the expanded Tacoma Link, which will make a stop just a block from this new development.
Tacoma's rental market is pretty tight right now, so the residential units will be welcome. This building will significantly change the look of the Stadium District, but there's room for more development. What do you hope to see next?
UPDATE: At the May 10 city council meeting we heard a little more about the project, which comes from the same development team that brought us Thea's Landing and The Henry apartments on the Foss Waterway. We also got to see an early design rendering of the new project...
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