Within the multifamily sector, investor interest in Tacoma remained high in 2020, even as rents in core markets further north softened. To-date, more than $1 billion has been invested in downtown Tacoma alone. However, Tacoma has been experiencing unprecedented growth. Total project costs are expected to come in at around $41 million. “Our biggest thing…is how do we make residential space more livable.” “ makes a whole lot of sense as far as the neighborhood is concerned,” noted GIS Principal Ryan Grams. Other features of the space include a dual pane glass fire place and “hang out” zone, opportunities for café-style seating and commercial kitchens to cook meals on-demand. The space has been designed to incorporate several sidewalk access points, as well as access to outdoor terraces. The ground floor will feature a two-story indoor Farmer’s Market and retail with roll-up garage doors that will create and indoor-outdoor feel. An 8,418 square foot roof terrace with views of the Tacoma skyline and Port of Tacoma, complete with landscaping and community garden, will top the project off. Residential amenities will incorporate a fully equipped fitness center, game room and lounge, bike wash and DIY room, among others. 53 parking stalls will also be included in the project. About 17.4 percent of the units will be two-bedrooms, 64.3 percent will be one-bedrooms and 18.3 units will be studios. In all, the project will total 154,437 square feet. This is a true transit-oriented development.” GIS first became involved with the development after DMG Capital acquired the property from Pierce Transit, the local transit authority.
“This particular development is located right next door to Tacoma’s transit hub between the Sounder Train, Amtrak Station and street car. “Primarily what attracted us specifically that it is such a growing market,” explained GIS’s Chief Executive Officer Eugene Gershman. The development will be one of the first mid-rises in the neighborhood, setting a precedent not just for the community, but GIS as it pursues other projects in the region. Partnering with DMG Capital Group, GIS is working to deliver Tacoma Trax, a 115-unit mixed-use project at the heart of Tacoma’s growing Dome District. GIS International Group has a history of developing residential and multifamily properties across the Puget Sound, but one of its latest endeavors has the firm touting the positives of developing outside the boundaries of Seattle’s urban core.