Apartments at one of Tacoma’s highest points could gain new neighbors
AI-generated summary reviewed by our newsroom.
- A group of vacant parcels near Tacoma Mall sold for just under $6 million.
- The city confirmed the parcels are outside the Tacoma Mall inclusionary zoning district.
- A separate project proposes a five-story, 30-unit Crestview Apartments north of Apex.
Two areas of mostly vacant property not far from the Tacoma Mall could be the future home of more apartments, nearly 20 years after the last major multifamily development in the same block, filings with the City of Tacoma indicate.
The first involves a recent multi-parcel sale for an area bordered by South 41st, South Fife and South 42nd streets. The group of vacant lots is just south of South 38th Street and across from the U.S. Postal Service’s Evergreen Station.
The Apex Apartments/Penthouse complex is the fenced lot’s nearest neighbor to the east. Apex, built in 2008 and on one of the highest points in the city, was developed by the late Point Ruston developer Michael Cohen. California-based real estate entity Kennedy Wilson purchased the 203-unit site in 2014. (The Apex Penthouse next door to the apartment building includes some individually-owned condos.)
An LLC affiliated with different investors including Forbes Development Group of Tacoma acquired the vacant parcels this month from three different entities, including Northwest Independent Church Extensions and two others affiliated with Kathryn Dobler of Dobler Management.
The sales came to a total of just under $6 million for the three transactions. A representative for Forbes Development did not respond to a request for comment on plans for the site.
According to a land-use verification letter request submitted to the city regarding 14 of the parcels, a hint for what might be next was included.
“Please also confirm that the listed parcels are not in the Inclusionary Zoning District, and that there is no mandatory affordability requirement for future development of apartment units,” the letter from a real estate representative of the owner LLC requested.
The city’s response stated, “The subject properties are not within the Tacoma Mall Subarea Plan Inclusionary Zoning District. Therefore, there is not an Affordable Housing requirement.“
The zoning in question covers “the core area of the Madison District to require the inclusion of affordable housing,” according to the city’s description and is southwest of the collection of parcels recently sold.
Forbes previously sought to convert the office building site at the corner of South Steele and South 42nd streets into apartments within walking distance of the Tacoma Mall, later selling the property to Oregon developers. The property remains undeveloped.
Pre-app filed for another site
If apartments are developed on the multi-parcel bundle, the complex wouldn’t be the only new neighbor for Apex.
On June 10, a pre-application was submitted for proposed Crestview Apartments, 2420 S. 40th St. and directly north of Apex.
That filing shows a proposed five-story, 30-unit apartment site with 38 parking stalls, with an estimated value of $13 million. The application estimated that construction could begin as soon as October, but initial estimates and construction timing generally change following the initial application review.
An LLC affiliated with construction and real estate entity Kissler Management, two other local developers and a trust acquired the site last year in an estate sale for $550,000.
A Kissler representative did not respond to a request for further information.
