Mecca Grand Opening on May 10th - 11th
Have you been waiting patiently to see what the Gintz Group has done to the Mecca? You remember how it used to be… kinda scary, totally funky and a bit mysterious? Well, your chance is finally here. On May 10th and 11th from 12 to 6 pm, the Mecca will be open for tours and showings.
Introductory pricing will be available on the 12 residential condominiums, beginning at $199,990 to $369,990 for Flats, 1-Bedroom and 2-Bedroom condominium homes. The Mecca retains much of its original charm and elegance, through historically sensitive finishes, window restoration, and a complete façade renovation on Broadway. We took a tour several weeks back and were rather impressed. Acid stained concrete countertops. Heated towel bars. A trash chute. It’s the little things…
Link to MeccaCondos.com
Filed under: Real-Estate
18 comments
M Mofo from the Hood April 25, 2008
MOVE-IN SPECIAL YET TO BE CONFIRMED:
The first ten condo buyers will receive a double DVD collection containing first-run films shown at the Mecca Theatre.
Package A: “Deep Throat” & “The Devil in Miss Jones”
Package B: “Caligula” & “I am Curious (yellow)”
C crenshaw sepulveda April 25, 2008
“The Mecca retains much of its original charm and elegance”
As far as I can tell the fromer Stothart Hotel was a fleabag for most of its years before it finally closed down. I don’t think there is much former glory to return to in this case.
I like that the building has been brought back to life and hope it makes a contribution to the neighborhood. The prices are absurd, but they tend to be, especially when so much hype is attached to the project. I wish the Gintz Group well on this project, but seriously, no more than $200k for a 2 bedroom 800 sq ft condo.
T Tacoma (A)roma April 25, 2008
Charm and Elegance?
You know what happened in there right?
D DavidS April 25, 2008
You remember how it used to be…
Umm… No.
Maybe someone with more experience inside the Mecca can share with the naive among us “how it used to be.”
Or maybe not. I’m not sure I need to know.
R Ron Gintz April 25, 2008
Actually the 2-bed/2-bath condominiums are 971 square feet. And the one offered at $369,990 is on the top floor and faces Commencement Bay. I certainly appreciate anyone’s view as to value, but relative to other condos in the heart of downtown, I believe our pricing is extremely competitive. Hopefully we can show you what we have accomplished during our Grand Opening.
C Christine April 25, 2008
I cannot wait to see them on the 10th. I really look forward to seeing what becomes of the main floor as well.
Side question: Condos seem expensive per square foot compared to the average single-family home in similar areas but how does the long-term ownership pencil out? Up keep on a home’s exterior, roof, grounds, etc. is an expected lifetime expense, how does a condo differ? I know there are owner’s association fees but I assume those cover all possiblities such as sewer line problems, roofing, etc.
I know someone, somewhere has cruched these numbers. Share them?
R Rick April 25, 2008
Side question: Condos seem expensive per square foot… but how does the long-term ownership pencil out?
I’ve seen several of these types of analyses as I’ve pondered my own condo investment. The conclusion lies in the assumptions, and in the specific comparison — and to some degree, to Mr. Gintz’ point, one’s personal perception of value.
While a condo unit may be 971 square feet, there is the question of shared community space and amenities. Take a peek at some of the Belltown properties that include impressive workout areas, pools, guest units, rooftop access, etc. To the degree that one values these extras (and to the degree that they exist) can certainly skew the baseline assumptions of cost/benefit on the condo side.
Likewise, on the single family dwelling side of an analysis… what are all of the anticipated costs in both cash and time that will be invested? For me, I loathe yard/lawn maintenance. So, ignoring the option of being “that neighbor” with the shitty yard, my annual cost of upkeep would be equal to the going rate for lawn service… whereas yours might be the cost of some grass seed, a couple bushes and flowers from the nursery, and a case of Schmidt (or whatever appropriate crappy beer one consumes while knocking down the dandelions).
Then there are the broader assumptions. Over the next ten, twenty… years, what are the anticipated costs of condo ownership versus home ownership. The condo is more straightforward in terms of cash flows… but on both sides of the analysis, who knows what unforeseen event is going to tap the limits of your visa/mastercard/amex.
So, these types of subtleties complicate what might seem like an otherwise straightforward analysis… and is why it tends to come down to a fairly specific comparison—both in terms of the properties and the various biases of the potential owner.
Incidentally, there is another compelling analysis that suggests homeownership isn’t the end-all investment that we’re led to believe. Generically, over time, real estate investment yields roughly the same return as does the stock market (index). And so the argument goes: if a renter takes the incremental money that would have been spent on home ownership and invests it into “the market”, the relative wealth that would exist at the end of some period would be roughly the same. So, if your rent is 12K per year, and your cost of a mortgage and associated maintenance costs would be $28K per year, you would take that $16K “savings” and invest it.
That said, I recognize that for some, the intrinsic value of home ownership is “priceless”. And so it is… My approach, by the way, is to continue to rent and invest that annual “savings” into pints at Doyle’s, Parkway, etc…
S Squid April 25, 2008
DavidS@4, I was going to say somebody needs to straighten you out on the topic of the Mecca and tell you what a firm supporter I was of the Gintz project, but decided my criticism was premature and that I should go soft on the subject instead.
I’ll do ANYTHING to get COTW.
A Andrew April 25, 2008
Squid:
While it may not measure up to COTW status, your comment nonetheless penetrates deep (albeit awkwardly) into the heart of this discussion.
Next time, think long and hard about what it is you want to say. The (creative) juices will start flowing soon enough.
T tressie April 30, 2008
Well, I did use the services at the Mecca…one of the things that always made downtown TTown so charming was the Senior Citizen Craft Store across from The Palace of Men Pleasuring Men….but now in the name of mass profiteering…they gotta tell lies about the history. That place was just what it was. Why the slick fibbing? um, I don’t need a shower, but a squirt of truth serum is needed in this social discourse….
T tom waits May 1, 2008
couple of points. first, i think the gintz group deserves kudos for taking this building and doing a historically correct job of refurbishing it and bringing it to market. it is exactly what you want to see in a historic urban setting – mixed use, housing density, and a great job enhancing the pedestrian environment. second, compact urban living in the sub $250 realm is great and i would be all over it if it fit my needs. the character of the building and the cool surroundings are icing on the cake.
third (ok three points). instead of staying away from the recent history of the building it is somewhat embraced, because it does add to the “power of place.”
i say good job and please, keep it up.
E Erik S May 1, 2008
They heat the towel bars but not the toilet seats? Madness. What is the world coming to?
S Sassy McButterpants May 1, 2008
I was really excited about heated towel bars… but heated toilet seats? I’d feel like a queen on her toasty throne. Name your price!
E Erik S May 1, 2008
Don’t worry, I will warm your toilet seat for free…
S Sassy McButterpants May 1, 2008
Um… thanks?
E Erik S May 1, 2008
Sorry, you opened yourself up for that one, Sassy. Have to keep you on your toes. It’s tough love, Oprah-style.
J Janette Reedy, Gintz Group May 1, 2008
Actually, the heated towel bars are a just rumor… sorry, but had to set the record straight.
T tressie May 2, 2008
For a historically-correct glorified closet in downtown Tacoma, that’s a lot of money and leaves out mmmm, about 75% of Tacomans/Tacowomens.
Hey I stand corrected on the Gintz-given history of the Mecca/Hotel. I missed it when I went to the website. I was wrong.So spank me.