$300M Tacoma Development Pauses Over Financial Issues
Galena Equity Partners, the Boise, ID-based developer of Tacoma’s $300 million Town Center development, says the project has been placed on temporary hold, as the company works through financing options. The Puget Sound Business Journal reports Galena’s CIO Dan Fullmer made the announcement in an email.
Located on a 6.5-acre site on South Jefferson Avenue, the six-building development was to include 530 market-rate apartments, 100 affordable-housing units, 200,000 square feet of office space and 36,000 square feet of retail. So far, only the first mixed-use building, Jefferson Yards, has been completed.
The setback is the latest for the project which has been in the works for a quarter of a century. Originally slated to become the headquarters for the Tacoma Police Department, the city changed tactics when the P.D. moved into another building, and began looking for multifamily developers. North America Asset Management Group was the original developer, but Galena assumed the project in 2021.
Image courtesy of Galena Equity Partners