This article by Dennis Kaiser originally appeared on Connect Seattle Commercial Real Estate News. You can access it here.
Unico Properties and joint-venture partner, Pinnacle Partners, are undertaking a $60-million renovation of the historic 18-story Washington Building in downtown Tacoma. The 120,800 square feet of office space will be converted into 156 apartments.
The companies plan to commence interior demolition work next month on a project that sits within an opportunity zone. The renovations are expected to span about 21 months, with build-out commencing later this year. Unico acquired the property in 2017 for $9.8 million and subsequently completed a façade preservation.
The building was built in 1925 and is the second tallest in the area. The building has a host of former bank-built features such as old vaults. Unico’s Ned Carner told the Puget Sound Business Journal, the 95-year-old building has “this intrinsic value – cool space you can’t replicate.”
Traditional bank financing will come from TCF Bank and historic tax-credit financing through InSite, an affiliate of Chemical Bank.