On The Market: The Luzon is Back
Our beloved Luzon Building is coming back on the market. Designed by Burnham & Root, it was one of the first skyscrapers on the west coast. It’s circuitous path toward redevelopment has been a frequent topic on Exit133 over the last few years. Well, the ride continues …
The Gintz Group has over the last twelve months put together a funding package that looked like it could actually get the work done. The project received historic tax credits from the National Park Service of roughly $1.8 million. It has $1.65 million in Urban Development Action Grant funds through the City of Tacoma at 4% for six years. Yet, it still couldn’t start.
Ron Gintz confirmed this morning that the building is definitely back on the market. According to Gintz, the the banks want the building to have three floors pre-leased before any money is released. Given the current commercial office conditions in Tacoma, the project is stuck. So, the building is for sale.
Are you the right buyer? If you have really deep pockets and/or an ability to find tenants for three floors using just CAD drawings and a vision, maybe this project is for you. A mere $400k plus a little fixing and you could be a hero in Tacoma (Okay, maybe a lot of fixing) And, at this point, all the tax credits remain intact for the potential buyer.
On the other hand, if you want to lease three floors now, The Gintz Group could probably keep the project moving.
Anybody?
Do you want to know what you’re getting into? We went inside in Luzon Unlocked
Filed under: General
13 comments
M Mofo from the Hood April 20, 2009
Shouldn’t this building really be the headquarters for Historic Tacoma?
C crenshaw sepulveda April 20, 2009
I must say that this comes as a complete and utter surprise to me. No way, not in a million years, could I have predicted this.
H Heather April 20, 2009
sigh
A altered Chords April 20, 2009
Russell new scaled down headquarters?
D dale rush April 20, 2009
Remember the long lines outside “Crazy George’s TACO” outlet a few years back across from W/Fargo bldg at lunch ? I suggest-forget another BANK, and lets get a decent TACO SALAD,MEXI FRI, etc. back downtown from 11-8-9pm-is anyone asking TACO TIME ala 6th Ave style to consider a downtown address ?
Build it-the GUESTS are HUNGRY !!
T tomtuttle April 21, 2009
How terribly sad. If the Gintz group can’t make it work, I don’t think anybody can.
T Thorax O'Tool April 21, 2009
TO’T Can!!!
I can make it work. Maybe not profitably. Maybe not in a timely manner. Maybe not efficiently.
But dammit, I need a new global HQ.
R RR Anderson April 21, 2009
The Luzon Tree lives! The Luzon Tree will have the last laugh.
C crenshaw sepulveda April 21, 2009
a blast from the near past:
About the trees. We are actually going to use the trunk of one of the trees to fashion a picture frame. Inside the picture frame will be a wonderfully presented list of the individuals, companies, organizations and entities that participated in the restoration. I have been commissioned to build the frame (truth be known, I whined until told I could do it). Regarding interior vs exterior, the interior will be completely new and modern space. The facades on Pacific, Commerce and 13th will be restored to original. We hope to preserve the elevator box for use with new “guts” and we will be saving at least one of the historic bank vaults.
I hope everyone comes to the Mecca grand opening May 10. Check out the professionally framed newspapers dating back to September, 1907 hung throughout the common areas. Pretty newsy articles and advertisements and absolutely unique. We are excited about both properties, but our major focus right now is getting Mecca completed.
13 | Posted by Ron Gintz | Apr 16, 01:50 PM
D Dominic Accetturo April 21, 2009
Someone bring me a buyer!
M Mofo from the Hood April 21, 2009
Isn’t that property what they call in the business “A Teardown?”
6 6ther April 21, 2009
RAZE IT!!!
MOVE ON!!!
J Jesse April 22, 2009
I hate to say it but if the Gintz couldn’t do it… maybe it is a teardown project. I hope not.