OTM: The Entire Mecca Could Be Yours
So maybe you were one of those people on the fence about buying a condo in downtown Tacoma’s last adult theater. Not enough room? Well, there’s now a price for the whole building. Buy the whole Mecca! Somebody should do it. It has some great spaces. The apartments/condos are decent. The commercial floors are nice and big. The Broadway side retail storefront could be pretty darn spectacular. Only $4.5 million.
Now are you ready to buy?
Link to CommercialMLS
Previously on Exit133 (Search)
Thank you, Morgan
26 comments
J Jake January 9, 2009
Wasn’t that about the price for just the commercial condos? So its like you get the commercial condos for $4.5 million and the apartments free!
T Thorax O'Tool January 9, 2009
I could change the name… but really, who would want to live in the Thorax Condominiums? I think “Mecca” has a bit more charm.
But now I must ask, is Gintz hurting? And what does that imply for the Luzon Bldg?
M Mofo from the Hood January 10, 2009
Look, marketing is tough gig, no matter what your selling. Maybe a name change for the building would add a little spice. I’m thinking something easy to remember, familiar, but with just a little more snob appeal: Elmo’s Town Homes.
T Thorax O'Tool January 10, 2009
Elmo’s Condos?
Elmo’s Mecca?
R RR Anderson January 10, 2009
why not just make it back into a brothel 1880’s style yo.
special attention.
C crenshaw sepulveda January 10, 2009
you’d think they’d use a fresh picture in the listing rather than one from when it was still under construction. what is it with terrible photographs and real estate?
The developer should get Tacoma’s hubris award for 2008.
J Jake January 10, 2009
Commercial agents tend to go by less is more. Also I am pretty sure having a website address in your listing or photo is a no no.
B Brent Hartinger January 11, 2009
Does this mean that NONE of the 12 have sold by now? Um, wow. I think we have our answer as to why they’re putting it up for sale.
I wonder if this is at or near cost.
T tressie January 11, 2009
yeah, great. Now that they’ve ruined the building with paint, sheetrock, grout and bleach. Lots and lots of bleach.
M Mofo from the Hood January 11, 2009
Ya know what would be good for that building? A movie theatre. Now that the Roxy and the Rialto have been jacked, howz about a little celluloid action back on Broadway? Not everybody that lives in Tacoma is cultured, ya know?
D drizell January 11, 2009
Noticed that the Element 20 project at 23rd and Yak is also for sale. Awhile back, someone representing Urbane Developments (the developer) showed up on Exit133 and bragged that all of the units were already sold out before construction had even begun.
Wasn’t the Mecca supposed to convert to apartments because none of the banks would accept Gintz’s financing plan of only 5% down? Does anyone know if any of the units are occupied?
C CA January 11, 2009
They’re going to HAVE to be converted to apartments if they haven’t already. It seems apartment dwelling is the only market right now in downtown.
C crenshaw sepulveda January 11, 2009
I could have sworn I saw “Sold” signs in many of the windows there at the Mecca. On the other hand the developer might have been salting the mine, just pretending people actually purchased units. Not very honorable I might say.
M Marguerite January 11, 2009
It might also be that they put the sold signs up when they got offers- instead of just putting “Pending” signs in the windows. I’ve known builders to do that. Or mine salting.
T Thorax O'Tool January 11, 2009
I went on a tour and talked to the sales lady back in July. She told me all the sub $200K units were already sold and that there was “just a couple left” in the building.
C crenshaw sepulveda January 12, 2009
No doubt the Gintz Group will have better luck with the Luzon building, one can hope.
C crenshaw sepulveda January 12, 2009
I’m fairly certain that the Vertigo in Seattle was a condo conversion from and almost half centrury old building. The only buildings in Tacoma that would be close to something like the Vertigo would be the Vista del Rey and Park Towers, both on Tacoma Avenue. I’m pretty sure no one is going to be building anything so grand anytime in the near future.
T Thorax O'Tool January 12, 2009
Ah, but I can dream…
W West Ender January 12, 2009
Right now there are nine units available for rent.
http://www.cpmwa.com/rentals.html
C crenshaw sepulveda January 12, 2009
$1995 a month. I’ll wish them a lot of luck on that.
T Thorax O'Tool January 13, 2009
At that price, I could buy a $250,000 house with $0 down, 0.5% PMI at 6.5% for 30 years.
Honestly, and I’m for once not being snarky or anything like that, who can afford and is willing to pay that to live in an apartment practically across from City Hall?
T tressie January 13, 2009
well, thorax, owning a home is a bottomless pit of repairs and painting and crabgrass mowing. A condo requires only the effort of hiring a maid. But if I was gonna buy an abode, I wouldn’t.
T Thorax O'Tool January 13, 2009
My GF owns a condo, and I understand the reasons. I was just referring to the cost. $2000 clams is a lot of money for most people… come to think of it, that is about what most folk I know even make for a whole month.
D Dominic Accetturo January 14, 2009
I am the one selling the building and value your comments. As you know the condo market is very soft right now and they have converted them to apartments. It’s a great building and an historic landmark.
Bring me a buyer.
Dom
C crenshaw sepulveda January 14, 2009
Dom, it is a great building and I wish you luck with it. Before the conversion it would have been perfect for McMenimins and would have been a splendid facility for them, Hotel, brew pub, movie theater. Maybe they are interested in a facility with apartments above.
T Thorax O'Tool January 14, 2009
It is a great building. I can’t say enough about how much nicer it looks.
But I do have plenty to say on the cost of the units in a rapidly depreciating market in a rapidly deepening recession.
I know the people behind it stand to lose money, but people forget that any kind of “investment” carries risk.
I don’t mean to sound like a negative nancy, but unless employment and wages rise, unless people start saving their 20% down again, etc, the units are going to have to come down in price… for purchase or rent.