The Tacoma Housing Authority has added another property to its growing list of future housing facilities in Tacoma’s Hilltop neighborhood.
The agency and KeyBank have announced that the former KeyBank branch and property at 1120 S. 11th St. has been sold at a discount and will be used as part of a future housing project.
The sale price was not announced, but KeyBank said in a statement, “In the interest of investing in THA’s mission and in the vitality of Hilltop, Key agreed to sell the site to THA at a rate significantly below its assessed value.”
Records at the office of the Pierce County Assessor-Treasurer show the property carries an assessed value of $1,457,000.
Premium content for only $0.99
For the most comprehensive local coverage, subscribe today.
Andy Latimer, a KeyBank senior vice president who manages real estate transactions nationwide, said in a conference call Friday that he contacted the housing authority “as soon as I knew we were going to put the branch up for sale.”
The branch was closed last spring after being consolidated with another Key branch in downtown Tacoma.
“We had a branch built in the 1950s,” said KeyBank Market President for the South Puget Sound Brian Marlow. “We were using a quarter of the space. We think the THA makes a good partner for supporting the vision for the neighborhood.”
The deal should close within 90 days, Latimer said.
Scott Hollis, THA spokesman, said the agency plans to use the property to contain “light commercial on the ground floor and residential units above.”
Funding for the project, Hollis said, would derive from a combination of private and public funds.
“There’s going to be federal dollars, there’s tax credits, city incentives. It’s not one simple stream of funding. These types of projects are very complicated,” he said.
Hollis noted that the coming of LINK light rail will likely change the character of the area.
“It helps the whole neighborhood attract development,” he said. “The most important thing to us is that we help support (income equity) in the neighborhood so that those who already live there are not displaced.”
KeyBank noted in its release that it has shown “a longstanding commitment to Hilltop” with donations of more than $250,000 over the past two years, with major beneficiaries including Catholic Community Services’ New Nativity House and Community Health Care Hilltop Clinic.
Other THA projects in the Hilltop include The New Look Apartments and Hilltop Lofts.
C.R. Roberts: 253-597-8535