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On the Market: Tacoma
There are some big pieces of real estate getting a second consideration in Tacoma right now.
The Port of Tacoma is once again shopping around a 96-acre piece of property that was on its way to being home to a new "bulk liquids terminal" for Targa Sound Terminal. That deal fell through, but the Port is optimistic about prospects for the property, and is continuing with more than $21 million in clean-up and upgrades to the property, as it looks for a new tenant to lease the site of the former Kaiser Aluminum smelter on near the Blair waterway.
It sounds like the Port deal fell through due to the cancellation of a contract between Targa and oil refiner Phillips 66, having little to do with the property itself.
The reason for lack of interest in another large piece of real estate in Tacoma, on the other hand, seems a little less clear. Earlier this year the City of Tacoma advertised to sell the seven acre site it owns on the hill adjacent to the Brewery District and UWT. Only one offer came in, which the City deemed too broad (and below the asking price). The City was looking for a more detailed plan when it shared information on the site with 160 potential developers.
One (unsatisfactory) response out of 160 isn't a good rate of return, and so the City is revisiting the issue, asking developers what it is about the offer that was less than appealing. Is the site too big? Are there too many other developments in the works around downtown?
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