Tacoma CRA Opportunities Meeting Hosted by the Federal Reserve Bank - - PowerPoint PPT Presentation

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Tacoma CRA Opportunities Meeting Hosted by the Federal Reserve Bank - - PowerPoint PPT Presentation

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Tacoma CRA Opportunities Meeting Hosted by the Federal Reserve Bank of San Francisco April 21, 2015 City of Tacomas Community Based Partners Tacoma Housing Authority Tacoma/Pierce County Habitat for Humanity Homeownership Center

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SLIDE 1

Tacoma CRA Opportunities Meeting

Hosted by the Federal Reserve Bank

  • f San Francisco

April 21, 2015

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SLIDE 2

City of Tacoma’s Community Based Partners

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  • Tacoma Housing Authority
  • Tacoma/Pierce County Habitat for Humanity
  • Homeownership Center of Tacoma
  • Catholic Charities
  • Mercy Housing Northwest
  • Metropolitan Development Council
  • William M. Factory Small Business Incubator
  • Bates Technical College
  • Spaceworks
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SLIDE 3

Tacoma 2025 Citywide Vision & Strategic Plan

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“Creating partnerships to support community development”

Health & Safety

Human & Social Needs Economic Vibrancy & Employment Education & Learning Arts & Cultural Vitality Built & Natural Environment Government Performance

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SLIDE 4

Affordable Housing Projects

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SLIDE 5

Bay Terrace 1 – 2547 S Yakima

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  • Developer name: Tacoma Housing Authority
  • Project Description: 70 units of affordable rental housing offered to HH’s at or

below 60% AMI

  • Total Development Budget: $22,366,912
  • Major Lender: JP Morgan; LI Housing Tax Credits; WA Housing Trust Fund; City
  • f Tacoma (Bond); TCRA
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SLIDE 6

Nativity House & Center – 1409 S G St

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  • Developer name: Catholic Community Services
  • Project Description: Day / Overnight Shelter & 50 units SRO permanent housing

for chronically homeless individuals

  • Total Development Budget: $13,633,269
  • Major Lender: JP Morgan; LI Housing Tax Credits; WA Housing Trust Fund; City
  • f Tacoma (Bond); TCRA
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SLIDE 7

New Tacoma Senior Housing - 1709 S G St

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  • Developer name: Mercy Housing Northwest
  • Project Description: 75 units of affordable senior housing offered to HH’s at or

below 60% AMI

  • Total Development Budget: $35,915,777
  • Major Lender: Wells Fargo Bank; Union Bank; HUD; TCRA; Pierce County

(2060/2163 Fees); WA State Housing Finance Commission (TCAP funds); State Housing Trust Funds; LI Housing Tax Credits

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SLIDE 8

Market Rate Developments

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SLIDE 9

Proctor Station - 3910 N 28th St

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  • Developer name: Proctor Investors, LLC
  • Project Description: Mixed-Use – 154 market rate apartments and 11,500 sq. ft.
  • f retail space
  • Total Development Budget: $20 million
  • Major Lender: Owner financed; property tax exemption
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SLIDE 10

The Henry -

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  • Developer name: BCRA and The Henry Development Team
  • Project Description: Mixed-Use – 167 market rate apartments and 13,000 of

commercial space.

  • Total Development Budget: $32 million
  • Major Lender: Owner financed; property tax exemption
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SLIDE 11

Point Ruston - 5005 Ruston Way

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  • Developer name: Point Ruston LLC
  • Project Description: Mixed use center on a former Superfund site w/ over 2

million sq. ft. of total real estate; inc. 1,200 new residential buildings and entertainment, hospitality and retail center.

  • Total Development Budget: $175 million
  • Major Lender: Equity, bank financing and EB-5 foreign investment.
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SLIDE 12

Business Recruitment, Retention & Expansion

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SLIDE 13

State Farm Insurance - 909 A St

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  • Business name: State Farm Mutual Insurance
  • Project Description: Regional claims center office recruitment; approx. 1,350

jobs created

  • Total Development Budget: $30 million in tenant improvements
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SLIDE 14

Coordinated Care - 1145 Broadway

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  • Business name: Coordinated Care
  • Project Description: Health care services provider; approx. 200 jobs created
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SLIDE 15

Sound Physicians - 1498 Pacific Avenue

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  • Business name: Sound Physicians
  • Project Description: Health Provider HQ offices; approx. 150 jobs retained
  • Total Development Budget: Tenant Improvements
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SLIDE 16

Bass Pro Sporting Goods - 7905 S Hosmer

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  • Business name: Bass Pro Sporting Goods
  • Project Description: Filled former Lowes store; Retail Development; 350 jobs

created

  • Total Development Budget: Tenant Improvements
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SLIDE 17

New Hong Kong Supermarket

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  • Developer name: Hone Kong Supermarket, Inc.
  • Project Description: Super Market Development
  • Major Lender: Owner-financed
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SLIDE 18

Revitalization Efforts

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SLIDE 19

Lincoln District Revitalization Strategy

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  • Developer name: TBD
  • Project Description: City Council has named the Lincoln District as a strategic

revitalization area for the City for the next biennium to inc. City funded streetscape project and facilitate mixed-use development.

  • Total Development Budget: $4.25 million
  • Major Lender: N/A
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SLIDE 20

South Tacoma Way Revitalization Strategy

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  • Developer name: N/A
  • Project Description: City Council has named the South Tacoma Way district a

strategic revitalization area to inc. street repair, pedestrian/bike trail, stormwater improvement, catalytic streetscape, BIA and/or LID, and community mobilization project.

  • Total Development Budget: $9 million
  • Major Lender: Federal transportation grants, state DOE & REET funds, State

Farm grant, property/ business owners

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SLIDE 21

Affordable Housing “Planned Projects”

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SLIDE 22

Bay Terrace II - 23rd and South G St

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  • Developer name: Tacoma Housing Authority
  • Project Description: 80 units of affordable rental housing offered to HH’s at or

below 60% AMI

  • Total Development Budget: $21,722,589
  • Major Lender: Bank TBD (Const & Perm); LI Housing Tax Credits; TCRA; THA

Moving-to-Work capital funds

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SLIDE 23

Valhalla Hall – 1216-1218 Martin Luther King Way

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  • Developer name: TBD
  • Project Description: Mixed Income & Mixed-use Development inc. 1,500 sq. ft.
  • f real estate w/ 23 housing units and two commercial spaces
  • Total Development Budget: $4.46 million
  • Major Lender: TCRA; bank debt (TBD); LI Housing Tax Credits
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SLIDE 24

Hilltop Lofts

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  • Developer name: Tacoma Housing Authority
  • Project Description: Workforce housing to include 2 live/work units, 48 rental

units, 2 retail spaces, parking garage, rooftop courtyard and community room.

  • Total Development Budget: $14.9 million
  • Major Lender: Bank debt (TBD); LI Housing Tax Credits
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SLIDE 25

Pierce Transit TOD – 415 E 25th St

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  • Developer name: Cody Development Corporation
  • Project Description: 100 unit rental housing and retail Transit Oriented Dev.
  • Total Development Budget: $20 million
  • Major Lender: Disclosure pending
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SLIDE 26

Foss Hotel Development - 1543 Dock St

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  • Developer name: Mark Hollander, Hollander Investments
  • Project Description: 104 room Marriot Residence hotel
  • Total Development Budget: $30-45 million (at final build-out)
  • Major Lender: Owner equity; bank financing
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SLIDE 27

McMenamins Hotel & Night Club - 545 Broadway

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  • Developer name: McMenamins
  • Project Description: Brew pub, restaurants, theater/movie/concert venue,

swimming/soaking pool and hotel; approx. 125 jobs to be created

  • Total Development Budget: $22 million
  • Major Lender: Owner equity, crowdfunding, potential EB-5 & bank debt (TBD)
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SLIDE 28

Convention Center Hotel - S. 17th & Broadway

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  • Developer name: Yareton Investment
  • Project Description: 320-room, 4-star hotel w/ min 10,000 sf of street-level retail

and 200 parking spaces; future residential phase w/ up to 200 condos/apts

  • Total Development Budget: $150 million
  • Major Lender: Owner equity, EB-5 and bank debt (TBD)
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SLIDE 29

252 Broadway

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  • Developer name: 252 Metropolitan LLC
  • Project Description: 139 market rate rental units
  • Total Development Budget: $22.7 million
  • Major Lender: Owner financed; property tax exemption
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SLIDE 30

Tacoma is on the Move!

April 21, 2015

Carey Jenkins, Division Manager cjenkins@cityoftacoma.org 591-5238 Ricardo Noguera, Director rnoguera@cityoftacoma.org 591-5139