Great Expectations, a for-profit developer specializing in affordable housing, has unveiled plans for a new multifamily project in Tacoma’s Dome District neighborhood. The Seattle-based developer recently submitted pre-application documents to the city, outlining their proposal for a 300-unit development spanning 277,000 square feet and encompassing eight stories, according to a report from the Puget Sound Business Journal. The project is expected to also include 148 parking stalls.
The designated site for the development, located at 102 S. 24th St., is presently occupied by Climb Tacoma. While the property’s current owner is an entity affiliated with American Life, Inc., CEO Henry Liebman, Great Expectations intends to acquire the land in December.
Ben Maritz, principal of Great Expectations, told the PSBJ that the permit requests for the project will be filed in June, with an estimated construction cost of $75 million. The developer opted to submit plans ahead of schedule to accommodate the state’s forthcoming building code requirements, set to take effect on July 1. These new regulations are anticipated to increase development costs for some projects, necessitating additional concrete and adherence to more stringent energy codes for the Great Expectations development.
In addition to this project, Great Expectations is concurrently working on another development called Cornus House. Construction on the Cornus House is expected to be completed in the fall of 2024.
Several other developers are also active in the vicinity. GIS International Group and DMG Capital are collaborating on the Tacoma Trax mixed-use building, a 115-unit project. Additionally, Koz Development has an apartment building in the area, and Bode is working on two multifamily buildings near the proposed site.
Historically known for its food production facilities, particularly Johnny’s Fine Foods and Brown & Haley candy maker, the Dome District takes its name from its proximity to the Tacoma Dome. The neighborhood is also home to Freighthouse Square, a former train station constructed in 1910, which now serves as Tacoma’s own version of Pike Place Market, featuring a collection of independently owned retail stores and restaurants.
