$300M downtown Tacoma project never got off ground. Six parcels now on market
A new effort to market Tacoma Town Center parcels is under way, this time on the site's west side.
The six parcels are bordered by Tacoma Avenue South, Fawcett Avenue and South 21st and 23rd streets not far from the University of Washington Tacoma campus. The vacant land totals 3.4 acres and is across from Jefferson Yards apartments, so far the only developed property on the site.
Original Town Center plans called for the parcels to be home to four separate apartment buildings offering nearly 500 apartment units.
According to marketing material listed online by CBRE, the site benefits from 'a limited forward development pipeline, an improving demographic base, strong employment and historically tight submarket vacancy... .'
The brochure adds that 'the developer of the Tacoma Town Center Development is poised to benefit from continued outsized rent growth.'
The material also notes it qualifies for an 8-, 12- or 20-year multifamily property-tax exemption and is Opportunity Zone eligible, which would offer further tax breaks.
Tacoma Town Center, as envisioned in the city's amended agreement with developers in 2021, called for 98 affordable units among hundreds of developed units.
Jefferson Yards, completed by original developer North America Asset Management Group, created more than 100 market-rate units, but was unable to gain the EB-5 investment financing it sought for the rest of the project.
Plans for the multi-phased project called for hundreds of apartments, office and retail space, accompanying infrastructure and a public plaza, at a cost of more than $300 million.
Boise-based Galena Equity Partners was brought into the project in 2021 to complete Tacoma Town Center. Galena also stalled on funding and soon was drawn into multiple lawsuits, including with NAAMG in King County for breach of contract and entities in its home state of Idaho over stalled projects in that state.
Meanwhile, the Tacoma site has sat undeveloped for years. A separate parcel across from the west parcels was transferred in February 2024 from Tacoma Town Center Parcels LLC to Kurtin Properties in San Diego. Kurtin was given time to market that site separately before any sheriff's sale in a contractor's debt collection case tied to that site.
On top of those issues, all the parcels have lapsed into the county foreclosure process for unpaid property taxes going back three years.
In the marketing for the six parcels, it states that it is a 'rare site of scale that can be purchased in its entirety or subdivided.' No price was listed in the brochure, and the CBRE listed agent did not immediately respond to emailed questions from The News Tribune.
The Seattle Daily Journal of Commerce first reported this week on the six parcels' new marketing.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Journals
16 minutes ago
- Business Journals
Sale of big St. Louis-based cannabis firm closes for $102M
The sale of one of the St. Louis region's largest marijuana firms to a Minneapolis-based public company was worth $102 million.
Yahoo
16 minutes ago
- Yahoo
Augmented reality can show local residents future building plans in real time — and Tampa Bay wants in
InCitu is an augmented reality platform that lets users see infrastructure projects on a smartphone. Tampa Bay's planning council is using AR to give communities a look at new infrastructure changes. This article is part of "Build IT: Connectivity," a series about tech powering better business. The climate crisis has intensified the frequency and severity of flooding for many communities, prompting cities to turn to climate-resilient infrastructure. At the Tampa Bay Regional Planning Council, a growing challenge is communicating these solutions to residents and officials. Sarah Vitale, the director of civic technology at the TBRPC, which provides local governments with technology to aid in climate resilience planning, including flooding and hurricane preparedness, often uses 2D images and renders to showcase new infrastructure, such as stormwater drainage systems. However, these tools failed to show the scale of the projects. Last year, Vitale partnered with InCitu, a New York-based augmented reality startup, to give communities a clearer picture of future infrastructure developments. "What better way to do that than to really let them experience it in real time in the physical space?" Vitale said. InCitu's AR platform is designed to help government agencies, real estate developers, urban planners, and architects show colleagues or community members what proposed buildings and infrastructure projects will look like once completed. "I wanted to communicate this type of information so that a non-professional can experience it as they walk down the street," Dana Chermesh-Reshef, the CEO of InCitu, told Business Insider. InCitu's technology has also launched in seven other US cities, including Washington, DC, and New York. Chermesh-Reshef founded InCitu in 2020 after realizing the usual software tools used to present infrastructure projects, such as PowerPoint presentations and 2D renders, struggled to show a project's full scale and scope from various angles. It can also be difficult to imagine a project in an environment like a conference room, entirely removed from where it will exist. InCitu's smartphone-based platform tackles this by turning 3D models into AR visuals, helping people see a project as it would appear in real life. Instead of using an AR headset, users can scan a QR code with a smartphone camera at a construction site — often a building, bridge, roadway, or sidewalk — to view the life-sized AR visualization. "You don't have to download any app. You walk down the street, there's a QR code on the ground or on the construction site," Chermesh-Reshef said. Users can use their smartphones to walk around a project and view it from any angle they can access. InCitu also supports off-site viewing, so users can view a 3D model of the project without visiting its geographical location. InCitu uses geospatial data, which draws on satellite and street view imagery, to decide where an imported 3D model should appear for on-site viewing. Geospatial data is also used to keep the 3D model in the right location as a user moves around it in the real world. Vitale encountered InCitu on LinkedIn in January 2024 while preparing for TBRPC's annual regional resiliency summit. This two-day event brings together roughly 300 elected officials, subject experts, and residents to find solutions for the region's climate risks. Vitale wanted a way to give attendees a scaled, realistic visualization of building changes and infrastructure that can manage flood risks. Vitale used InCitu to show three AR models of new projects during on-site visits near the event: a house elevated on stilts to demonstrate flood-resistant construction, a bioswale showing natural stormwater management, and a living shoreline that uses natural materials to combat eroding beaches. Vitale said that her organization's use of InCitu is still in the "marketing phase" and that its role at the resiliency summit was in part to let attendees and prospective clients know her team can provide AR technology for infrastructure planning. She said the reception so far has been positive. "It's not a big, dense document. It's something interesting that people can engage with and start experiencing a planning process in a new way," Vitale said. She added that AR displays can reduce the "engagement fatigue" that can accompany lengthy meetings and complex 2D visualizations. The technology's effectiveness convinced TBRPC to use InCitu for AR demonstrations at its 2025 summit in May. The organization also plans to use InCitu to educate students at local high schools about bioswales and other infrastructure solutions to flooding. "We can take them to a site that's full of concrete and show them other ways to naturalize the surface, to handle some of the water, when it's pouring rain," Vitale said. She hopes the technology will help students understand alternatives to less permeable "gray" infrastructure, like concrete. Vital said she expects the use of AR tools like InCitu to become standard practice in urban planning as newer, younger graduates with better knowledge of 3D modeling, AR, and other new technologies enter the field. So far, InCitu has made over 5,000 future developments available in AR, and over 250,000 residents have viewed future projects near their communities using the company's AR platform. "I'd like to see planning move in that direction, because of how powerful a communication tool that visualization is," she said. Read the original article on Business Insider
Yahoo
20 minutes ago
- Yahoo
If You Invested $10K In CBRE Group Stock 10 Years Ago, How Much Would You Have Now?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. CBRE Group Inc. (NYSE:CBRE) is a commercial real estate services and investment company in the U.S., the U.K., and internationally. The company's stock traded at approximately $36.85 per share 10 years ago. If you had invested $10,000, you could have bought roughly 271 shares. Currently, shares trade at $127.64, meaning your investment's value could have grown to $34,638 from stock price appreciation. That's a total return of 246.38%, outpacing the S&P 500's return of 241.36% over the same period. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — If there was a new fund backed by Jeff Bezos offering a ? CBRE has a consensus rating of "Buy" and a price target of $143.30 based on the ratings of 10 analysts. The price target implies a more than 12% potential upside from the current stock price. On April 24, the company announced its Q1 2025 earnings, posting adjusted EPS of $0.86, above the consensus estimate of $0.77, while revenues of $8.91 billion matched Street expectations, as reported by Benzinga. Trending: Maximize saving for your retirement and cut down on taxes: . "CBRE had a strong start to 2025 across our lines of business and around the world. Notably, as the first quarter ended, most of our businesses were performing better than expected and our new business pipelines were strong. This was equally true for both our Resilient and Transactional businesses," said CEO Bob Sulentic. Check out this article by Benzinga for seven analysts' insights on CBRE. Given the historical stock price appreciation and expected upside potential, growth-focused investors may find CBRE stock attractive. Read Next: Invest Where It Hurts — And Help Millions Heal: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Image: Shutterstock This article If You Invested $10K In CBRE Group Stock 10 Years Ago, How Much Would You Have Now? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data