Pierce Today

Updated: Apr 28, 2022

 The Tacoma Super Block and the 12th and A Street property officially went on the market this morning — and the two downtown parcels already started generating interest, according to John Bauder, principal in the Tacoma office of Lee & Associates, who is representing the owner in the sale along with principal Harrison Laird.

“It’s been encouraging to see how much interest we’ve had,” Bauder said this morning.

The Super Block is nearly 2 acres and comprises two full city blocks between South 13th and 14th Streets from Pacific Avenue to A Street and is listed for $12.45 million, or $180 per square foot. The second site, at 12th and A, is a little more than 0.75 acres and is listed for $4.925 million, or $150 per square foot. Together, they’re offered at $17.375 million, or $174.34 per square foot.

The out-of-state owner, who’s held the properties for more than 20 years, prefers to sell both parcels together, but they could be sold separately, Bauder said.

The owner had considered developing the parcels at one time before their plans changed separate from the two sites, he said.

Approximately $400,000 was invested into the design, planning, and pricing for a 250,000-square-foot office building on the Super Block, with street-level retail and underground parking, according to a news release on the properties. Additional feasibility studies were completed for a hotel/apartment tower on the 12 and A property.

Although currently used as parking (424 total surface and underground stalls) for adjacent buildings, initial studies and plans indicate an ability to build nearly 1 million square feet of office, retail, hospitality, and multifamily between the two properties, the release said. The Downtown Commercial Core zoning allows vertical development up to 400 feet.

“The Super Block is, without a doubt, the preeminent site for a new office building in Tacoma,” Laird said in the release. “It’ll be interesting to see who ends up buying the sites and what types of development that will bring. With dozens of new multifamily projects around town and several new hotels, those cannot be ruled out as potential uses, either.”

The downtown market has seen significant investment activity in the last year, with $123 million in sales over the past 12 months, compared with a five-year average of $42.3 million, the release said, citing CoStar.

Original source can be found here.