Marcato Phases 2 to 6 for Sale
Are you looking for some land with a lot of potential? How about 3 acres of downtown land already parceled for you. This is a lot of land. There’s tremendous potential here. Once upon a time, we had hope for this project … then the market did what the market did. Now, well, we just need to find somebody with a little vision and spare $11 million.
Interested?
Link to CommercialMLS
Filed under: Downtown Tacoma, Neighborhoods, Developments, Marcato
14 comments
C crenshaw sepulveda November 8, 2008
Wow, I didn’t see that coming.
O offbroadway November 9, 2008
Curious – Should that little spite-house island have a red outline around it? Is that homeowner still holding out?
B boomer November 9, 2008
Shocker… The Esplanade is up for-sale also.
1515 Dock St
Tacoma WA, 98402
Property ID 362050
$5,759,100
C crenshaw sepulveda November 9, 2008
Not The Esplanade, say it isn’t so. This was the project that was going to put Tacoma on the map, no question about it.
K Kim November 9, 2008
Hum, the Marcato could have prevented this with advanced sales. They were totally against the idea. I looked at condos there, but they just acted like they were selling something so wonderful it could not have a price on it. I am willing to bet that advanced sales could have saved them. They could have allowed a buyer to put down a deposit on the unit that they want, with the finished interior that they choose. Pay installments much lower than a mortgage payment until the unit was ready, then move in and take up the full payments. Everyone could have been happy. But no, they did not want to sell them like that. They lost buyers by trying to unload the undesirable units that were left over before selling the good ones that were to come later.
J Jesse November 9, 2008
Ehhh, This is bad news. But look at that collection of land right downtown? What could go there? The new urban Safeway with condos or offices above it? It’s a perfect spot. Good car access too.
E Eric November 9, 2008
Boomer@3
That is for the 4 commercial units, not the entire building. I was thinkin there was something wrong with that. I’m sure that the Esplanade was at least a 20 million $ project. That would have been the best deal in the country. Good lookn out though.
J Jesse November 10, 2008
Here’s a quote from the Marcato site:
“When complete, Marcato will be a sophisticated and highly livable urban village, encompassing three city blocks. The community will include up to 500 residences, a variety of shops and onsite services. The neighborhood’s collaborative spirit will be reflected through beautiful courtyards, city-view points, gardens, plazas, and private- and public-gathering spaces. And its timeless design will make it the centerpiece of Tacoma’s urban renaissance.”
The tennants that bought there bought under the pre-tense that Marcato was going to be as stated above. They need to sue.
C crenshaw sepulveda November 10, 2008
“centerpiece of Tacoma’s urban renaissance” lol
B Brent Hogenson November 10, 2008
I live in the Marcato and am F’n mad at Vision Tacoma to sell the land. I bought there thinking it was going to be amazing in the future. They stated, “4 phases of condo units, a movie theatre, retail units galore, and yes, a damn downtown grocery store (that was the agreement with the city i’m told). DAMN IT!!
C crenshaw sepulveda November 10, 2008
Brent, you forgot the cozy spots to get lunch and the street musicians blowing cool jazz as you walk arm in arm with your sweetie. And don’t think about lunch at the Acme Grub Cage and Tavern, the Grub Cage part has been gone for years.
T Thorax O'Tool November 10, 2008
Given the nature of the current financial panic gripping this country and the world, this isn’t surprising.
The important thing to remember is, these things are cyclical. Markets bubble up, real estate booms and falls back.
Granted, things never resolve themselves in a time frame we’d like, but sit tight.
Hopefully in 10-15 years when we start the climb back up, we’ll pick up where we left off on the Tacoma Renaissance.
…that or we say screw it, and just make our own Renaissance happen, and not rely on condos to make it happen.
6 6ther November 10, 2008
Hopefully, when the “cycle” comes back around, developers will have learned a lesson.
It’s okay to think big… but please, don’t act too big for your britches!!
T Thorax O'Tool November 10, 2008
“Hopefully, when the “cycle” comes back around, developers will have learned a lesson.“
They always do… for a generation or so, then the lessons fly out the windows.
There were big booms in the 20s, the 60s, the 80s and the 00s… always followed by a at least a decade (or 2 in the case of the Great Depression) of tight times and minimal development.
We talk in history class of the gold-rush era boomtowns like a thing of the past. That’s not entirely accurate, as our entire economy runs on a boom-bust cycle.
As was once observed boy someone:
“The more things change, the more they stay the same“