Centrally located in Downtown Tacoma, just blocks away from University of Washington Tacoma, the waterfront, and the Pacific Ave arterial, 1555 Tacoma Ave offers investors an incredible opportunity to purchase a trophy development site in the heart of one of Washington’s most rapidly growing cities. The rectangular site totals 10,804 square-feet of DMU zoned land, with entitlements in place for 86 multifamily units in a Type V-A over I-A podium structure. The Site also lies within one of Tacoma’s mixed-use centers qualifying a new development for an 8-year tax abatement on residential improvements without affordability restrictions. Owners may also elect to participate in the 12-year tax abatement program that would restrict 20% of units for residents with incomes no greater than 80% of area median income (AMI).
Future residents at 1555 Tacoma Ave will have access to the best that Tacoma has to offer: fine dining, cultural activities, recreation, top employers, higher education, and transportation options. Students will be especially drawn to the Property, with the University of Washington Tacoma campus just a 5-minute walk from the Property, offering incredible access to the more than 5,000 students that attend. The Pacific Ave retail strip offers numerous restaurants, bars, coffee houses, shopping, and recreation including the Tacoma Convention Center, Washington State History Museum, Tacoma Art Museum. The nearby I-5 and I-705 provide easy access to the Tacoma’s largest employment hubs including the Port of Tacoma, Joint Base Lewis McChord, the Multicare Medical System, and the Kent Valley industrial corridor. The Property will allow investors to capitalize on Pierce County’s rapidly shifting demographics and strong rental base, pushing future rent growth and delivering consistent returns.
The City of Tacoma has begun implementing the One Tacoma program, its comprehensive plan for the redevelopment and expansion of the city through numerous community-based services, capital improvement projects, and functional plans to help achieve the city’s vision for the future. The plan includes readjusting land use regulations in order to manage Tacoma’s booming growth, economic development services for small business loans and investment, city-wide capital improvement projects, and design strategies to create a central theme for public spaces and facilities. Downtown Tacoma specifically has seen rapid revitalization through the city’s focus on publicly and privately financing renovation projects near the UW Tacoma campus and revamping the famous Brewery District. The City of Tacoma is successfully positioning itself for sustained future growth and continues to be a top destination for local and out-of-state residents looking to relocate to a low cost of living area with high quality of life.
Mark Zoffel
CBRE
