It's Better Than Good - It's Foremost
If you were a cow in the first half of the last century, you may have sent some of your finest work to Tacoma’s Foremost Dairy. Chances are, your compensation would not include a Green Card. But thanks to the U.S. government’s EB-5 visa program, foreign investors may find theirs by getting involved in the redevelopment of this historic building at 2415 Pacific Avenue – which seems to finally be getting under way.
As many of our readers know, the Foremost Dairy building was purchased by Henry Liebman, of Seattle-based American Life, Inc., for $3,000,000 in 2008. American Life specializes in working with foreign investors on the EB-5 program, which is quickly growing in popularity as a source of significant development funding. For more information about the program, see coverage here. The City of Lakewood is also participating in this program. Essentially, if a foreign national is able to provide substantial monetary investment in specified sectors and create 10 jobs, permanent residency can be secured.
No details have emerged regarding tenants for the building once renovation is complete, according to the Tacoma News Tribune. Exterior and interior design changes have been generally described, though the extent of alteration is not fully disclosed. American Life ensured that the building’s existing features were carefully documented with 3D laser scanning in 2008, which could indicate some preservationist intent. With demolition and construction now clearly under way, there is anticipation of new office and retail space.
What kind of retail or office use would suit the neighborhood? Could this project be a catalyst for the revitalization of the rest of the block? What do you think?
Historical Footnotes:
The Foremost Dairy building in Tacoma was originally built in 1927 for Royal Ice Cream and Milk Company. The Tacoma Public Library web archive features some great photographs of the grand opening.
According to the USDA Rural Development web site, the Foremost Dairies company was founded during the Great Depression by none other than Mr. J.C. Penney. Yet another remnant of a corporate monolith now considered a component of local heritage…
PREVIOUSLY IN EXIT 133
Foremost Building Finds New Owners
Filed under: Economic Development, EB-5
10 comments
R RR Anderson August 24, 2010
I think as long as it is not a ‘ground zero mosque’ which would anger the Rossi supporters to no end, this development is a good thing.
I’ve been watching the giant saw blades carefully cut apart the unneeded portions of this building with a tenderness rarely witnessed these days.
Hope the keep the dairy sign!
A Andy Campbell August 24, 2010
I’d agree with RR, I think this is solidly good. I don’t envy the person having to come up with the sales pitch for tenants though. At the end of the day, cleaning up that block might help with the transient population that tends to hang out there but it’s a hard sell to convince someone of that when the TRM is two blocks away. Everything else about the project (light rail stop, freeway access, almond roca walks at lunch) seems to go.
It’s been fun watching this project. You might know more about the details re: scanning but part of the reason for using that technology was to calculate fill volumes for the floors. They were sloped to collect spilt milk and had to be filled level, a process which required weight calculations (as I understand it) to gauge whether it could be supported, etc.
In the process of doing all that scanning they ALMOST found Jimmy Hoffa… they pieced all the scan data together in the office and assembled the building for modeling and there was a black hole in the middle. When they sent the crews back out (thinking they had missed something) they discovered a room which had been walled off years ago that the owner knew nothing about. I love technology (and redevelopment).
R RR Anderson August 24, 2010
Wow! Thanks for that tidbit Andy
T tom waits August 24, 2010
@Andy.
Jimmy Hoffa’s final resting place? I heard it was Al Capone’s real vault – the other one was a decoy.
A Altered Chords August 24, 2010
I’m not sure what the catalyst was but that block is improving. The Neeners building will be renovated soon also. (soon being sometime in 2011).
Please do not confuse this optimism for hucksterism.
R RR Anderson August 24, 2010
international business folks will be able to walk across the street and get their roll-cages powder coated too.
M Mortey August 26, 2010
The EB 5 program is a means for wealthy foreigners to obtain visa for themselves and their families, or their so called investment team. A return on an investment is a bonus but a loss is simply an acceptable cost to legally enter our wonderful country. A privilege that many Chinese, Iranians and others have already willingly paid 10’s and even 100’s of thousands of dollars for. The goal is to fast track the immigration process not redevelop a neighborhood. Virtually none of the EB -5 investments in SODO are performing so don’t get too excited.
M Mofo from the Hood August 28, 2010
Creative financing bubble for U.S. citizenship?
T tressie August 31, 2010
I liked it just the way it was. I hate redevelopment.
M Mofo from the Hood August 31, 2010
When I was a kid a gallon of Foremost milk cost $1.03. It was packaged in waxed paper cartons which had orange printed graphics.
When you’ve got ten year-old hands and you pull one of those heavy square cartons from the fridge and then lose your grip…It’s nearly impossible to quickly sidestep a gaining puddle of milk and keep your socks dry and pick up the carton before it completely empties.