Tacoma has approved a developer’s plan to build a 167-unit apartment building along the Thea Foss Waterway.
The Tacoma City Council approved a development agreement Tuesday with the Henry Foss Group LLC, which plans to build a combination of housing, retail space and parking between the Albers Mill Lofts and the Interstate 509 cable-stayed bridge over the waterway.
The council’s action finalizes the Henry Foss Group’s $1.2 million purchase of the waterfront property from the Foss Waterway Development Authority, which also approved the proposal at a meeting last month.
As part of the agreement, the developers will complete the Dock Street sidewalk along the site, as well as build public restrooms by the city’s waterfront esplanade and add 40 feet of park space on the apartment building’s south side.
The council also approved an eight-year property tax exemption for the 167 new apartments. It will amount to about $570,500 annually.
Construction of the building is to be completed by December 2014.Melissa Santos, firstname.lastname@example.org