OTM: A Bit of UWT?
Would you invest in land on the UWT footprint? Here’s a bit of land that showed up on the market yesterday. 13,800 square feet of land on two parcels. The property is across the street from the infamous Fawcett House site in an area that should some day become part of the University. It’s that “some day” part that gets folks in trouble…
On the other hand, these price escalations are going to make it rather expensive for the university some day. These lots sold for $203k in 2004 and are now on the market for $960k. Who’s in?
Listed with Windermere
Thank you, Jake
Filed under: On-The-Market
3 comments
R Republican (By Default) March 11, 2008
I wouldn’t buy any property anywhere near any proposed, planned or current project that the city or Sound Transit is involved in or even dreaming about.
We all know how they treat anyone who gets in their way. They have no reservations about taking away anyone’s right to use their own property in the way it was intended.
This is just another example of how the government is hindering growth in downtown Tacoma. No grandiose project (Light Rail, Convention Center, museum, street car, etc.) will ever be able to erase the way they treat businesses and land-owners.
D drizell March 12, 2008
That’s a good point, Republican. The Gintz Group tried to develop condos on the old Fawcett House site at 19th and Fawcett and were essentially told to cease and desist by UWT, leaving yet another vacant lot within the UWT footprint to lie fallow and wait 20 years to be developed.
Though many have credited UWT for helping spur revitalization of the south end of downtown, the university’s recent bellicose stances may well have alienated many in the community and disrupted the once harmonious town-gown relations. The UWT seems to now have little regard for the immediate and future of Tacoma’s growth as a city, instead focusing its efforts solely to benefit the university and no one else. We should expect more of our public institutions.
Buyer beware: if you try to develop property within the UWT footprint, you will most certainly receive a nastygram from the UWT chancellor, regardless of how conforming your building is with the ill-conceived campus master plan.
J Jake March 12, 2008
And you will get a nice DENIED letter when you apply for your 8/12 year multi-family tax exemption.