Tacoma CRA Opportunities Meeting...April 21, 2015 City of Tacoma’s Community Based Partners 2...
Transcript of Tacoma CRA Opportunities Meeting...April 21, 2015 City of Tacoma’s Community Based Partners 2...
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Tacoma CRA Opportunities Meeting
Hosted by the Federal Reserve Bank of San Francisco
April 21, 2015
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City of Tacoma’s Community Based Partners
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Tacoma Housing Authority Tacoma/Pierce County Habitat for Humanity Homeownership Center of Tacoma Catholic Charities Mercy Housing Northwest Metropolitan Development Council William M. Factory Small Business Incubator Bates Technical College Spaceworks
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Tacoma 2025 Citywide Vision & Strategic Plan
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“Creating partnerships to support community development”
Health & Safety
Human & Social Needs
Economic Vibrancy & Employment
Education & Learning
Arts & Cultural Vitality
Built & Natural Environment
Government Performance
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Affordable Housing Projects
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Bay Terrace 1 – 2547 S Yakima
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• Developer name: Tacoma Housing Authority • Project Description: 70 units of affordable rental housing offered to HH’s at or
below 60% AMI • Total Development Budget: $22,366,912 • Major Lender: JP Morgan; LI Housing Tax Credits; WA Housing Trust Fund; City
of Tacoma (Bond); TCRA
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Nativity House & Center – 1409 S G St
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• Developer name: Catholic Community Services • Project Description: Day / Overnight Shelter & 50 units SRO permanent housing
for chronically homeless individuals • Total Development Budget: $13,633,269 • Major Lender: JP Morgan; LI Housing Tax Credits; WA Housing Trust Fund; City
of Tacoma (Bond); TCRA
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New Tacoma Senior Housing - 1709 S G St
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• Developer name: Mercy Housing Northwest • Project Description: 75 units of affordable senior housing offered to HH’s at or
below 60% AMI • Total Development Budget: $35,915,777 • Major Lender: Wells Fargo Bank; Union Bank; HUD; TCRA; Pierce County
(2060/2163 Fees); WA State Housing Finance Commission (TCAP funds); State Housing Trust Funds; LI Housing Tax Credits
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Market Rate Developments
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Proctor Station - 3910 N 28th St
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• Developer name: Proctor Investors, LLC • Project Description: Mixed-Use – 154 market rate apartments and 11,500 sq. ft.
of retail space • Total Development Budget: $20 million • Major Lender: Owner financed; property tax exemption
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The Henry -
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• Developer name: BCRA and The Henry Development Team • Project Description: Mixed-Use – 167 market rate apartments and 13,000 of
commercial space. • Total Development Budget: $32 million • Major Lender: Owner financed; property tax exemption
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Point Ruston - 5005 Ruston Way
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• Developer name: Point Ruston LLC • Project Description: Mixed use center on a former Superfund site w/ over 2
million sq. ft. of total real estate; inc. 1,200 new residential buildings and entertainment, hospitality and retail center.
• Total Development Budget: $175 million • Major Lender: Equity, bank financing and EB-5 foreign investment.
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Business Recruitment, Retention & Expansion
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State Farm Insurance - 909 A St
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• Business name: State Farm Mutual Insurance • Project Description: Regional claims center office recruitment; approx. 1,350
jobs created • Total Development Budget: $30 million in tenant improvements
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Coordinated Care - 1145 Broadway
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• Business name: Coordinated Care • Project Description: Health care services provider; approx. 200 jobs created
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Sound Physicians - 1498 Pacific Avenue
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• Business name: Sound Physicians • Project Description: Health Provider HQ offices; approx. 150 jobs retained • Total Development Budget: Tenant Improvements
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Bass Pro Sporting Goods - 7905 S Hosmer
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• Business name: Bass Pro Sporting Goods • Project Description: Filled former Lowes store; Retail Development; 350 jobs
created • Total Development Budget: Tenant Improvements
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New Hong Kong Supermarket
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• Developer name: Hone Kong Supermarket, Inc. • Project Description: Super Market Development • Major Lender: Owner-financed
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Revitalization Efforts
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Lincoln District Revitalization Strategy
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• Developer name: TBD • Project Description: City Council has named the Lincoln District as a strategic
revitalization area for the City for the next biennium to inc. City funded streetscape project and facilitate mixed-use development.
• Total Development Budget: $4.25 million • Major Lender: N/A
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South Tacoma Way Revitalization Strategy
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• Developer name: N/A • Project Description: City Council has named the South Tacoma Way district a
strategic revitalization area to inc. street repair, pedestrian/bike trail, stormwater improvement, catalytic streetscape, BIA and/or LID, and community mobilization project.
• Total Development Budget: $9 million • Major Lender: Federal transportation grants, state DOE & REET funds, State
Farm grant, property/ business owners
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Affordable Housing “Planned Projects”
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Bay Terrace II - 23rd and South G St
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• Developer name: Tacoma Housing Authority • Project Description: 80 units of affordable rental housing offered to HH’s at or
below 60% AMI • Total Development Budget: $21,722,589 • Major Lender: Bank TBD (Const & Perm); LI Housing Tax Credits; TCRA; THA
Moving-to-Work capital funds
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Valhalla Hall – 1216-1218 Martin Luther King Way
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• Developer name: TBD • Project Description: Mixed Income & Mixed-use Development inc. 1,500 sq. ft.
of real estate w/ 23 housing units and two commercial spaces • Total Development Budget: $4.46 million • Major Lender: TCRA; bank debt (TBD); LI Housing Tax Credits
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Hilltop Lofts
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• Developer name: Tacoma Housing Authority • Project Description: Workforce housing to include 2 live/work units, 48 rental
units, 2 retail spaces, parking garage, rooftop courtyard and community room. • Total Development Budget: $14.9 million • Major Lender: Bank debt (TBD); LI Housing Tax Credits
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Pierce Transit TOD – 415 E 25th St
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• Developer name: Cody Development Corporation • Project Description: 100 unit rental housing and retail Transit Oriented Dev. • Total Development Budget: $20 million • Major Lender: Disclosure pending
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Foss Hotel Development - 1543 Dock St
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• Developer name: Mark Hollander, Hollander Investments • Project Description: 104 room Marriot Residence hotel • Total Development Budget: $30-45 million (at final build-out) • Major Lender: Owner equity; bank financing
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McMenamins Hotel & Night Club - 545 Broadway
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• Developer name: McMenamins • Project Description: Brew pub, restaurants, theater/movie/concert venue,
swimming/soaking pool and hotel; approx. 125 jobs to be created • Total Development Budget: $22 million • Major Lender: Owner equity, crowdfunding, potential EB-5 & bank debt (TBD)
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Convention Center Hotel - S. 17th & Broadway
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• Developer name: Yareton Investment • Project Description: 320-room, 4-star hotel w/ min 10,000 sf of street-level retail
and 200 parking spaces; future residential phase w/ up to 200 condos/apts • Total Development Budget: $150 million • Major Lender: Owner equity, EB-5 and bank debt (TBD)
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252 Broadway
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• Developer name: 252 Metropolitan LLC • Project Description: 139 market rate rental units • Total Development Budget: $22.7 million • Major Lender: Owner financed; property tax exemption
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Tacoma is on the Move!
April 21, 2015
Carey Jenkins, Division Manager [email protected]
591-5238
Ricardo Noguera, Director [email protected]
591-5139