Site of former Tacoma Sixth Avenue Kmart sells for millions. Here’s what’s planned
Gone are the forlorn days and uncertain future of the abandoned Kmart on Sixth Avenue.
On April 5, Shirley Tacoma LLC, representing Seattle firm Goodman Real Estate, purchased the more than 10-acre retail site at 5132 Sixth Ave. in Tacoma from another LLC representing Merlone Geier Partners of San Francisco for $14 million.
One day later, pre-application documents were started by the developer for a project called 5132 6th Ave Apartments., but so far they have not been filed with the City of Tacoma.
“Planning & Development Services has held several informal meetings to respond to general questions from different developers, but no formal application for permits or pre-development review has been made,” city of Tacoma media representative Maria Lee said in an emailed response to questions from The News Tribune.
“The site is currently zoned C-2, General Community Commercial District. This district allows a variety of commercial and residential uses. The height limit is 45 feet, and the target density for residential uses is 45-75 dwelling units per acre. Any single commercial development over 45,000 square feet would require a conditional use permit.”
Up to 400 units are planned for the three-story development, according to Goodman Real Estate’s CEO, who discussed the project with the Puget Sound Business Journal.
“It’s become very, very difficult to develop in the city of Seattle,” company president George Petrie told PSBJ. “The suburbs have started to capture some of that growth, and Tacoma has such a pro-business focus.”
The company owns 30 multifamily properties in Pierce County totaling around 4,750 units, according to PSBJ.
Merlone Geier purchased the site in 2013 for $5.5 million, according to records on file with Pierce County. The retail site, called Tacoma Marketplace, was built in 1967, and home to Kmart.
The Sixth Avenue store’s closure was announced by the retailer in December 2016, part of the chain’s nationwide wave of closures following its merger with Sears, creating Sears Holdings. Transformco was formed Feb. 11, 2019 to buy out Sears Holdings’ assets.
At one time, Kmart operated thousands of stores nationwide. One estimate says after further closings, 30 Kmart sites and 36 Sears stores will remain nationwide. No Kmart stores are left in Washington, and just 15 Sears properties, including one appliance outlet in Tacoma, are left in the state.
This story was originally published April 13, 2021 at 11:17 AM.
