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Tacoma Dome Transit-Oriented Development - Take 2
The City of Tacoma is offering developers another chance at building a transit-oriented development adjacent to the Tacoma Dome park and ride. The City and Pierce Transit (the property owner) would like to see a "high density commuter housing project" built on the site.
If this sounds familiar, that's because this isn't the first time the City has issued a Request For Interest for the project. Back in 2014 the City issued an initial RFI, and in 2015 we heard news that a proposal was being vetted. Then things went quiet. That proposal must not have panned out, because this week the City announced that it would once again be seeking interest from developers.
When originally advertised in 2014, the RFI envisioned a five- to seven-story mixed use project, with 75 to 100 residential units, mostly studio and one-bedrooms, along with 3,000 to 9,000 square feet of retail. The above image shows a rendering of hypothetical development on the site included in a 2013 report that called the Dome District an underutilized residential area. The 2015 proposal would have built a seven-story, mixed-use development with five floors with 100 apartment units over two floors of retail and parking.
As in 2014, the new RFI again touts the site's access to multiple modes of transportation, and downtown Tacoma's low residential vacancy rates, describing Tacoma as "a location of housing choice for employees in the region..." The site's proximity to and views of the Foss Waterway are also called out, and the new announcement quotes Economic Development Director, Ricardo Noguera describing Tacoma's other selling points.
“With its increasingly vibrant urban core, Tacoma is a housing location of choice. Residents enjoy Tacoma’s world renowned museum and theater districts, along with an increasing array of brewpubs, eateries, galleries and retail options.”
From the RFI, the site sounds shovel-ready. They're looking for projects that could be completed within 24 months or less. This time we don't see mention of City goals for the project in terms of size and number of units. Zoning allows for the site to be built up to 100 feet.
According to documents included in the RFI, residential rental occupancy in downtown Tacoma is in the neighborhood of 99%, with unit rents averaging around $2 per square-foot.
Who's ready to build?
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