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The Metropolitan Phase III - Really Happening This Time?
Two years ago we spotted a permit application for the construction of Phase 3 of the Metropolitan apartments at 252 Broadway. Permits were applied for, early concepts showed a mixed-use building with more than 100 residential units, over 200 parking stalls, and 3,000 square feet of retail space on the currently vacant 0.7-acre site.
Then all was quiet.
Now we're hearing something new about the project. Next week the Tacoma City Council will consider a request for an eight-year multi-family housing property tax exemption for the project. Once the tax exemption is granted, the developer has three years to complete construction.
The plans included in the resolution for this request from 252 Metropolitan, LLC are for 139 new market-rate rental units: 44 studios between 350 and 490 square-feet renting for $670 to $920 per month, and 95 one-bedroom, one-bath units between 525 and 870 square-feet for between $995 and $1,725 per month. The project will also include 141 on-site residential parking stalls.
The eight-year tax exemption will waive property taxes on the new construction for eight years. The land under the new building will continue to produce taxes, and at the end of those eight years the full property will be on the tax rolls.
Construction is expected to begin this June, with completion expected by January 2017.
We don't see any updated images of the planned project, or any mention of the retail space included in the 2013 plans (above is an image from 2013). Whether or not there's a substantial change from the early design, it will certainly change the look of the intersection at 4th and St. Helens. And with plans for the Link expansion up the hill just a block away (including a possible stop at 4th and Stadium), that block could look very different in a few years.
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