August 23, 2013 · Exit133

City Receives One Offer For Premier Development Site

The City of Tacoma received one offer in response to its recent RFPs for the 6.5 acres of City-owned land at 21st and Jefferson, which it has been calling Tacoma's premier development site.

The Puget Sound Business Journal reports that Commencement Bay Development was the lone respondent, with an offer between $3.5 and $4 million for the vacant lots on the hilside between the Brewery District and Hilltop. The property, which the City acquired for police headquarters ten years ago for a price tag of a little over $4 million, now assesses at just over $5 million. The original RFP for the property requested offers at or above Fair Market Value.

Commencement Bay proposes to create plans for a mixed-use development with student housing, market-rate apartments, and commercial space. They would then sell off parcels of the larger property to developers who would do the actual construction.

Commencement Bay Development is made up of Eric Cederstrand, Lia Estigoy, and Brad Nakamura.

Tuesday was the deadline for RFPs for the property, with an October 1 decision date. With only one interested party, and an offer price somewhat lower than had been hoped, the PSBJ reports that the City will evaluate Commencement Bay's proposal and consider where to go from here. So, where do you think we go from here?

Read more previously from Exit133: On the Market: Tacoma's Premier Development Site.

Filed under: Downtown Tacoma, Neighborhoods, Developments, City Projects, South Downtown Planning, Brewery District

4 comments

Carl Allen August 23, 2013

Commencement Bay Development's website looks pretty shoddy. For example, it uses comic sans as a font. If we can't trust the company to have a presentable, professional website, how can we trust them to develop 6.5 acres of prime downtown real estate?
fred davie August 23, 2013

Breakup the parcel and try to sell it for more.
Jesse August 23, 2013

Aren't they basically saying that this company wants the property to break it up into pieces? I thought the beauty of this property was that it's so big that a developer could build a catalyst project for the area... Who did the city ask to buy it? What did they do to get who they want as a developer? Did they try to go get who they want so they could get what they want on the site? Did they ask developers what they would need to get an ideal plan done and ask them how it could/should pencil-out? Factor X here is streetcar. If it would have been planned to turn south on Tacoma Avenue instead of MLK, would that get this site developed with more density and more developers interested in it? Could MLK be served by transit with an "outside the box" transit method on 11th (like the professional planners suggest) instead?
Sid August 24, 2013

"Cederstrand said Friday that he would ensure that the final disposition of the property includes open space." Read more here: http://www.thenewstribune.com/2013/08/23/2746396/city-of-tacoma-receives-one-propsal.html#storylink=cpy This tells me these people have no idea what they are doing. Who proposes open space for a project in a city that is practically next to some of the most beautiful wilderness and water space on the planet (Open Space). We want density and for the sapce to be used to its full potential. If the students want space they can go to the new YMCA that will be built, or the not so far away trail soon to be built. Do local developers ever leave Tacoma and visit other cities? If we were talking Atlanta, ok I get it open space, but Tacoma, come on brother, we practically live in a forest.