TACOMA Project Discussion - Page 3

sequoias · #41 Posted **Jun 16, 2007, 9:32 PM**

Wow, I didn't know that Tacoma had many projects. They didn't post that in skyscrapercity. Sorry, I haven't been here for a long time. I'll try to come back and post if I can.

mhays · #42 Posted **Jun 16, 2007, 10:30 PM**

Tacoma is on a steep hill toward having a good downtown. Today it's infinitely better than it was even 10 years ago, with entire districts turning from nothing into something great. In the next 10 years the districts between those high points will fill in also, and it'll feel like a cohesive downtown.

Black Box · #43 Posted **Jun 18, 2007, 4:44 AM**

Nice updates!

jake840 · #44 Posted **Sep 21, 2007, 1:50 AM**

The Hilltop neighborhood of Tacoma continues its renaissance with 3 ground breakings in the past week.

From the Business Examiner:

Upper Tacoma business center kicks off next urban renaissance

09/17/2007
Source: Business Examiner

Author: Paul Schrag

Updated pic of apartment section of building from 10th and J Street:

Martin Luther King Housing Development Association officials joined dozens of local public, private and non-profit organizers to celebrate groundbreaking for a business and development center that officials hope will boost an ongoing renaissance in Tacoma’s Hilltop neighborhood.

The center will include 16,000 to 18,000 square feet of ground-floor retail for mom-and-pop businesses. Tenants are already lining up to get into the space, said Flannigan – so many, in fact, that some of them may not make it in.

Doors are scheduled to open in 24 months, said Flannigan.

6 Story Apartment Complex Breaks Ground

On South 9th Street near Yakima Ave. ground breaking of a 6 story, 16 unit apartment complex took place last week. The complex is being built on a 6,500 sqft lot. This project is great to see because Tacoma has seen very little development of the smaller in-fill lots.

New Retail Complex:

A new retail complex with drive-tru coffee shop has broken ground at the intersection at 19th and MLK. The rumored coffee shop is Tullys. While the this "strip mall" style development is not the most desired type of building it will help with an intersection that has some problems with drugs (which have seemed to dissappeared in the past few months thanks to police and residents). The developers went to the community to ask what kind of retail they wanted and what they didn't want. Top of the list was a coffee shop and restaurants. Bottom was a check cashing store. The developer agreed and promised not to lease space to the undesired retail outlets. I believe the promise to the community was also a part of the rezone conditions.

The site will be on a major commuter route into Downtown Tacoma and a block away from St. Joseph's Medical Center and the new Olympus Medical Center on MLK.
Olympus Medical Center:

With all the new developments, Hilltop continues to evolve into a hip place to live, work, and play. Over the last few years popular lounges have been opening up including Tempest Lounge on MLK and The Monsoon Room on 11th and J Street. Quickie Too Vegan Cafe is located on MLK along with popular LeLe Vietnamese Restaurant. Cutter's Point Coffee is activily looking for location on the Hill as well.

Hilltop Eat & Drink Map

In 2006 the Hilltop neighborhood was named one of the Top Emerging Gay Ghettos in the USA. One only four neighborhoods in the Western USA to recieve the classification.

Developers continue to buy up land and houses in the lower MLK (19th to 23rd street) neighborhood in anticipation of the Mixed-Use rezone. The city has already met with property owners about a planned Municipal LID for the neighborhood. Surveys show a strong support for the LID which will bring updated utilites along with new sidewalks, streetlighting, benches, landscaping, and more.

mhays · #45 Posted **Sep 21, 2007, 3:44 AM**

Tacoma is going uphill at such a fast pace. Great place to invest right now. And definitely if you want a house think about Hilltop -- the values will rise much faster than the regional average. So will Tacoma in general, but Hilltop will appreciate more.

WESTSEATTLEGUY · #46 Posted **Sep 21, 2007, 5:09 AM**

Tacoma will be dense soon!!!

zilfondel · #47 Posted **Sep 21, 2007, 7:19 AM**

hmm, maybe they'll even get a starbucks.

Black Box · #48 Posted **Sep 24, 2007, 5:03 AM**

^Are you a barista?

rsbear · #49 Posted **Sep 30, 2007, 10:24 PM**

.

PacificNW · #50 Posted **Sep 30, 2007, 11:49 PM**

⤴ rsbear: huh?

rsbear · #51 Posted **Oct 1, 2007, 1:09 AM**

Quote:

Originally Posted by PacificNW

⤴ rsbear: huh?

Opps! My post was supposed to say... how great for Tacoma to get more of these kinds of development.

jake840 · #52 Posted **Dec 11, 2007, 12:52 AM**

The Hilltop neigborhood's largest apartment complex is going condo in 2008. The Vista Rainier Apartments on the south side of Hilltop will be converted in to condos with sales projected to start in the Summer of 2008.

The complex was sold to 1052 S 27TH STREET LLC on 10/22/2007 for $4,100,000
There were multiple permits issued by the city in November for the project

From the website Tacoma-Condos.com:

Prices starting in the high $80k !

Overlooking Nalley Valley and Mt. Rainier, this neighborhood has one of the oldest and richest histories in town. Consisting of 10 free-standing buildings, plus expansive grounds with parks and play areas, the Community at South Bluffs is fully gated with ample parking. Live in the center of this emerging hot spot, blocks from downtown with all the comforts of home.

These will be a great price point for first time buyers.

Here is an example:

$120k purchase price
$20k Down Payment Assistance from the city (20 years no payments, no interest)
$100k 20 year loan at 6.5% = $745 plus taxes and HOA dues
Taxes most likely will be around $115 a month. HOA probably around $130.
So about $990 a month. Thats on a 20 year loan not a 30 year!

How much are those new studio apartments downtown renting for???

seapug · #53 Posted **Dec 12, 2007, 4:53 AM**

could these actually be nice, seems kinda hard to believe

jake840 · #54 Posted **Dec 12, 2007, 5:28 AM**

seapug, how so?

seapug · #55 Posted **Dec 12, 2007, 6:44 AM**

it's just so cheap i have a hard time seeing it being nice. i'm not saying i won't look into it. infact i'm gonna go down there and look at it next time i get a chance. i'm just not super optimistic. do you know how old the complex is by chance?

jake840 · #56 Posted **Dec 12, 2007, 7:31 AM**

They should be pretty standard condo conversion material. Granite, laminate floors, new windows, SS appliances. The Gintz Group is behind the ownership LLC and they have done numerous conversions.

I have spoken to someone who was involved in one of their conversions a few years back and they said they put about $15k into each unit. Those were on small 540sqft units. So it isn't expensive to put the granite, pergo, and other materials in when you are doing numerous units.

The complex sold for $4,100,000 and there are 80 units = average of $51,250 per unit purchase price. Now lets say they add $25k per unit total project cost (interior and exterior upgrades to the whole complex). SO the unit cost is $76,250 x 80 = $6,100,000 approx total conversion cost.

I am not sure how many units are 2 bed ( I am guessing $149k) or how many are 1 bedrooms ($119k?) so lets say the average unit is $135k.
$135,000 x 80 units = $10,400,000 - $6,100,000 (cost) = $4,300,000 approx profit.
That is why they can be affordable. Plus you are going into section of Hilltop that has not seen any condos and is very SFR oriented. If you get closer to DT you will pay about $150k for a similar condo in a conversion.

The building was built in 1968 and has an effective year built of 1993.

seapug · #57 Posted **Dec 20, 2007, 10:03 AM**

i went by today they were puting the gates up and stuff. you could see the progress being made in the area too. there was probably a house being renovated atleast every other block. do you know what would change in the rezone of mlk from 19th to 23rd. i did see a couple stray pitbulls running around though. if that's a common thing i might need to get a tazer.

jake840 · #58 Posted **Dec 20, 2007, 12:42 PM**

The rezone would would be from the current R-3 zoning (allows duplexes) to an RCX zoning. With the RCX zoning you would most likely see townhomes. More could be built but that is what they are currently building the most in that zoning around town (see Tacoma Mall area and 6th Ave.).

There is also a planned Limited Improvement District for MLK. MLK will have a total makeover.

A streetcar line is also planned to run along MLK to Downtown.

seapug · #59 Posted **Dec 21, 2007, 10:05 AM**

well that's all good. it'd be nice to see em change zoning to allow a little more retail. i'm sure that will come as the neighborhood gets denser though. is there a good link for info on the streetcar? i like the historic ones but in my opinion they're kinda gimicky. i'd prefer modern ones but wouldn't be mad about historic ones either

jake840 · #60 Posted **Jan 18, 2008, 5:15 PM**

seapug,

Looks like developer changed the name of the complex to 27th Street Station and adjusted the prices a bit.
Starting in the high $80k! ( I am guessing for a studio)

Take advantage of the City of Tacoma's Down Payment Assistance program ( up to $20k , 20 years, No Interest, No Payments) and you will be looking at a 20 year first mortgage of about $467. Add HOA and Taxes and I am sure you could be living large for about $600 a month.