Latest Tacoma apartment proposals seeking tax breaks include Lincoln District project
A large apartment development in Tacoma’s Lincoln District announced last fall is one of two multifamily housing projects up for tax breaks.
Tacoma City Council’s March 19 agenda shows both projects seeking 12-year multifamily property tax exemptions.
The 12-year exemption calls for 20% of the units to be rent-restricted at 70% Pierce County Area Median Income (AMI) for 12 years, with rent capped at 30% of income levels, adjusted annually.
The new apartments planned for Tacoma’s Lincoln District, Apollo Heights, were first reported by The News Tribune in October. Permit applications were submitted last fall.
The applications were submitted by Jabooda Homes of Seattle. A separate Poulsbo-based LLC filed for the MFTE and is the current building owner.
Plans call for 130 units (26 rent-restricted) with 77 parking stalls at South 38th and South G streets. The corner lot for years has been the home of Lincoln Beauty School.
A representative for Jabooda told The News Tribune last fall that the building would include more than 5,000 square feet of commercial space on the ground floor.
Jabooda’s website shows Apollo Heights in progress along with other mixed-use projects, which are in Seattle.
Proposed units and rates for Apollo Heights are as follows:
The mixed-retail building on the site now dates to 1912.
The second project is at 4319 S. Alder St., in the Tacoma Mall mixed-use area. It calls for 20 units, four of those at reduced rent, with sizes and projected rates as follows:
The project will offer five parking stalls.
The applicant is an LLC affiliated with local developers. The LLC bought the 1920’s era single-family home on the parcel in October for just over a half-million dollars, according to county records.
The home last sold in 1998 for under $100,000.
So far this year, three MFTEs have been approved by council, with four more awaiting approval, city officials told The News Tribune earlier this month, for a total of 364 units proposed so far in 2024.
The city estimates more than 1,000 units tied to previous MFTE approvals will be completed this year.
