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New Downtown Apartments Planned for Former Marcato Expansion Site
A developer plans to build a 135-unit apartment project at 1515 Tacoma Avenue South. That address was once associated with plans for later phases of the Marcato condominium project back in the mid-2000s.
In 2007 we wrote about plans moving forward for the second phase of the Marcato project at this location - and the multi-family property tax exemption granted by the City for the project. Sadly, by late 2008 those plans were just a memory, and the property was up for sale.
This new project, from a company called The Napoleon Group LLC, is also in line for a multi-family property tax exemption, but instead of 83 condos going for over $200,000 the plan is for 135 apartments of various sizes renting for between $1,100 and $2,100 a month.
- 69 studios (420-525 square feet) going for $1,100 to $1,300 per month
- 42 1 bedroom, 1 bath units (650 square feet) going for $1,500 per month
- 24 2 bedroom, 2 bath units (960-1150 square feet) going for $1,800 to $2,100 per month
These are smaller units than the original 2007 plans, and apartments instead of condos, but they will be market-rate, and they will begin to fill in the empty lots that surround what was supposed to be the first of many building phases at Marcato.
Construction on this new project is expected to start in early 2016, and be completed by the end of 2017.
Now, what to do to fill the rest of the former Marcato property ...
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