A Bothell group wants to build a 100-unit apartment complex and indoor farmers market on Pierce Transit land in Tacoma’s Dome District.
Pierce Transit and the city of Tacoma have identified the property as a candidate for so-called “transit-oriented development” — high-density residential and commercial projects built near transit hubs.
Pierce Transit’s board of commissioners voted earlier this month to authorize its staff to begin negotiating a purchase-and-sale agreement with DMG Capital Group for the property at 425 E. 25th St.
The 27,950-square-foot parcel is adjacent to the Tacoma Dome Station and across the street from Freighthouse Square. The agency used the land as a staging area during construction of the Tacoma Dome Station, and a large maintenance building remains on the property.
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The goal of transit-oriented development is to ease traffic congestion by creating walkable, mixed-use projects with access to multiple transportation sources.
The Tacoma Dome Station provides access to Sound Transit express buses, Sounder commuter rail, Tacoma Link light rail and Pierce Transit buses. An Amtrak station is being built at Freighthouse Square.
“I want to emphasize that it is still very early in this process, and there are many steps ahead before we can say the project will definitely proceed,” Pierce Transit spokeswoman Rebecca Japhet told The News Tribune last week.
“However, both Pierce Transit and the city of Tacoma are optimistic and excited about the proposal’s potential.”
DMG Capital is led by Bothell-area dentist David Myaskovsky, according to records filed with the Washington Secretary of State’s Office.
Myaskovsky was out of the country and unavailable for comment.
DMG Capital’s proposal for a five-story building with on-site parking was chosen from three submitted to Pierce Transit and the city earlier this year, Japhet said.
A committee made up of city and Pierce Transit staff members and a member of the Dome District Development Group evaluated the proposals and recommended the DMG Capital project to the Pierce Transit board, Japhet said.
“This project very closely matches the vision for the Tacoma Dome District, including providing amenities for residents that make it easier for people to get out of their cars, such as complimentary ORCA transit cards, amenities for bikes and car-sharing options,” Japhet said.
The project still must clear some hurdles.
Pierce Transit needs authorization from the Federal Transit Administration to dispose of the property because it was bought with federal money. The purchase-and-sale agreement still must be negotiated.
Then DMG Capital would need to “complete due diligence and solidify the project’s plans,” Japhet said.
Pierce Transit hopes to have its part of the process completed by next month, she said.
This is the third time since 2014 the agency and city have tried to secure a developer for the property.
The first effort attracted only one applicant, whose financing plan was untenable. The second effort led to negotiations with a Portland developer, but the plans fell through last year.