By John Larson – email@example.com
A mixed-use project under construction in the Dome District will provide a housing option in close proximity to mass transit systems. Located along Puyallup Avenue about a block away from Freighthouse Station, the parcel had a building on it that was demolished last year. In its place is rising a building that will contain retail space on the street level and apartments above.
The developer of the project is Koz Development, which is based in Snohomish and has projects from Everett to Salem, Ore. The company has another project along Tacoma Avenue in downtown.
The building will have 152 apartments of various sizes. According to Cathy Reines, president and CEO of Koz Development, two-bedroom units will rent for somewhere in the range of $1,500-$1,700 a month. Some will be one-bedroom units. Studio apartments will rent for around $850 a month. Some of the smaller apartments will be lofts, with sleeping quarters above a kitchen and bathroom area. The top of the building will have a deck and be available as a common area, a feature found in some of the other newer apartment and condominium structures in the city. Reines said rent on the studio units will include some utilities, such as electricity and Internet. They will also be furnished, allowing for an easy move-in process. “They can literally move in with their clothes and cell phone,” Reines observed.
The retail space can be configured in different ways, depending on the client who leases the space. Reines said her company will work with people in the neighborhood to help determine what type of business would be a good fit. She imagines a coffee shop or restaurant would be a likely tenant. One tenant could occupy the entire ground floor, or it could be split into smaller sections to allow for more than one business. “We have the ability to divide it,” Reines remarked.
The project qualifies for the City of Tacoma’s 12-year Multi-family Property Tax Exemption Program. At 80 percent of the average median income in Tacoma, the rent on studio apartments, as of April 1, including utilities, cannot exceed $1,046. Reines said none of the rents on studio apartments is projected to be above that figure.
The proximity of the building to light rail, Sounder commuter rail and the Tacoma Dome Station, which serves numerous bus routes of Pierce Transit and Sound Transit, was appealing to the developer. Many of the future residents will likely use mass transit in their commute to work.
Framing is currently being done. Reines said on a typical day, 30 to 40 construction workers are on the site. The primary contractor is Geacon Construction.
Reines said there is already a waiting list for apartments. The building should be ready for residents and a business tenant by the fall.