Town Center Project breaks ground in Brewery District
North America Asset Management Group, LLC broke ground Oct. 12 on its $125 million EB-5 Town Center project, utilizing a key City of Tacoma property located in the heart of the Brewery District.
The Town Center project will sit along Jefferson Avenue from South 21st to 23rd streets up to Tacoma Avenue. Over the next three to five years, North America Asset Management Group, LLC will build out 600 residential units, up to 200,000 square feet of retail space, and a minimum of 50,000 square feet of office space. The project will also feature a pedestrian and bicycle friendly promenade along Fawcett Avenue.
Video Link: https://www.youtube.com/watch?v=tGrr5X0oLr0
BY DEBBIE COCKRELL
MAY 24, 2019 12:16PM
Real estate company Redfin, in a new report published online Friday (May 24), has declared the Tacoma metro area as the nation’s hottest housing market.
“Another sign of the hot housing market in Tacoma is that 49.7 percent of homes sold above asking price for the four weeks ending May 19, more than any metro except San Francisco (66.7 percent), Oakland (58.7 percent) and San Jose (54.5 percent), which also happen to be the three most expensive metros in the country by median home sale price,” according to the report.
“Tacoma home-sale prices were up 6 percent year over year to $370,000 (median) in mid-May, as sales fell 5.5 percent and inventory dropped 12.5 percent.”
Tacoma’s median price is still significantly lower than Seattle’s at $595,000, but higher than the national median of $314,876.
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North America Asset Management Group, LLC
Construction Status Update
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Management Group, LLC
Tacoma has routinely shown up on Top 10 lists for year-over-year rent increases
Tacoma and Pierce County saw some of the largest rent increases in the nation last year. ApartmentList.com, another data firm, show’s Tacoma’s year-over-year rent increase at nearly double the national average of 2.6 percent. At 5.1 percent growth, Tacoma ranks No. 14 in the nation for rent increases, where Seattle falls at No. 51. Sacramento took the No. 1 spot in ApartmentList.com’s ranking of large cities, with a 9.3 percent rent increase.
Tacoma’s apartment fever gains national attention
While apartment construction is expected to slow nationwide, Tacoma is now considered a top-10 market nationwide for multifamily investment by federal mortgage lender Freddie Mac.
The lender predicts Tacoma will be third in the nation for income growth in 2017, at 5.8 percent. Coupled with a relatively low apartment vacancy rate this year of 3.2 percent, it makes Tacoma a hot commodity for those looking to invest in apartment construction.
Newest Edition of Tacoma Development Report
Economic Development Board just released the newest edition of Tacoma Development report shows the current developing project in downtown Tacoma area, analysis the future development of Tacoma.
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‘Placemaking in Tacoma’: Economic Drivers Shaping the City
North America Asset Management Group LLC in October 2017 broke ground on the EB-5 Town Center Project in the heart of the city’s brewery district. The $125 million project, located along Jefferson Avenue from 21st-23rd Streets, will bring 600 residential units, up to 200,000 square feet of retail space and at least 50,000 square feet of office space over the next three to five years, according to the web site for the project.
Tacoma Town Center Located in the Granted Opportunity Zone in Tacoma, WA
Tacoma, Wash. – Gov. Jay Inslee today approved six census tracts in Tacoma for Opportunity Zone status, allowing for special federal tax breaks encouraging development and job creation.
The Opportunity Zone program was a bipartisan proposal in Congress incorporated into the U.S. Tax Cuts and Jobs act, allowing the governor of every state to designate up to 25 percent of eligible census tracts as Opportunity Zones. Investments made through special funds in these zones will be able to defer or eliminate federal taxes on capital gains.
In Tacoma's Central neighborhood, rent climbed almost 10 percent over the last year.
Tacoma rent is rapidly rising, according to a Zillow report released Thursday.
The top four fastest appreciating rental neighborhoods are Tacoma’s Central, South End, Eastside and West End neighborhoods.
Rents in the Central neighborhood grew 9.9 percent over last year, and the South End neighborhood grew 9.2 percent. That’s about 6 percentage points higher than the regional average (3.3 percent), according to Zillow.