Seattle & Northwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Seattle & Northwest  + Seattle  + Apartments  | 
$300M Tacoma Development Pauses Over Financial Issues

$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


Inside The Story

Galena Equity PartnersNorth America Asset Management GroupJefferson Yards

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

Step 1: Select Education
  • ◦Development
  • ◦Financing
New call-to-action