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On the Market: Plenty of Potential at 11th & MLK
The State of Washington and the City of Tacoma are feeling optimistic about development in Hilltop. Together they have issued a request for proposals to develop the site at the corner of 11th and MLK in the next couple years.
The site is owned by the state since it took the vacant lots back from the MLK Housing Development Authority after its planned mixed-use development... didn't happen. The RFP process will be run by the City in order to better align development with City plans.
Despite a somewhat troubled development history, the property is well-situated in the long-term development plans for the neighborhood. It's located along the preferred corridor for the eventual expansion of Tacoma's Link light rail, and it was identified in an Urban Land Institute report as a priority site for development of the Hilltop.
The 1.5-acre property covers most of the block between 10th and 11th at MLK, including the vacant lot and one unoccupied building. Development on the site could be anywhere between four and and eight stories, and will need to be "transit-oriented."
The minimum RFP price is $920,000, which should just about cover the back taxes, existing debts, and environmental clean-up, which the state has already coverd for the site. Would-be developers won't be allowed to buy the property and sit on it - any plans must be occupancy-ready no more than two years after the purchase date. Read the full RFP here (pdf).
The lots are vacant. The one building can be rehabbed or torn down. It's a blank canvas. Nothing but potential...
What would you hope to see pop up there?
Read more from the TNT.
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