Tacoma Town Center
The $125M Tacoma Town Center is an urban infill project that will convert two city blocks into a mixed-use complex consisting of housing, retail, and office space. The project will create 600 residential units, 200,000 SF of retail space, and 50,000 SF of offices, within five residential buildings and an 180,000 SF retail facility. Underground parking is also be included. A new pedestrian and bicycle promenade and retail plaza will also be constructed in the middle of the site. The residential buildings are five stories of conventional wood-framing above two and three levels of underground parking.
With the existing tech company Infoblox nearby, they are expecting to triple its workforce. There are also other tech firms coming to the Tacoma area as well. These companies are interested and eager to grow jobs and take advantage of the talent in Tacoma, where the employee retention rate far exceeds King County and the Bay area.
With all that the Tacoma Town Center will have to offer in residential, retail and office space, it will rapidly move toward becoming an 18-hour community which, in real estate investment terms, means that services, amenities and job opportunities would be available on a scale comparable to that of vastly larger cities while striking that balance of not needing to run on a 24-hour basis.