THA No Longer Buying the Rhodes Bldg
The Rhodes Building will probably not be bought by the Tacoma Housing Authority according to Michael Mirra, THA’s Executive Director. The circa 1903 Russell & Heath designed building once housed an iconic department store and the UPS law school before finding itself in the hands of the State. THA and the State signed a purchase and sale agreement in June. With keys in hand and a fixed due diligence period in which to make a final decision, the organization began a substantial environmental, engineering & architectural, and financial review of the property. When it was all done, said Mirra, “We thought it needed too many repairs at too high a cost.”
“We were disappointed by a well informed decision.”
The THA board invited the State to begin new negotiations at a lower price in August. Unfortunately, the State was unable to bridge the gap and it is now looking for other public bodies that may be interested in buying the building.
Anybody interested in a great Pacific Broadway Avenue building with high visibility retail potential?
Previously on Exit133
Filed under: Developments, General
12 comments
E Erik B. September 3, 2008
What a mess. It looks to be in such good condition with a relative remodel.
The prized retail space below could never get filled though.
J Jake September 3, 2008
Its on Broadway not Pacific Ave. right???
A altered chords September 3, 2008
It is on Broadway. That corner space in the Bldg IS a great retail spot.
But for what? Grocery, wine bar, hardware store, Doctors office, law firm?
D Derek staff September 3, 2008
Its on Broadway not Pacific Ave. right???
Correct. Fast typing and my brain wasn’t fact-checking that sentence. Fixed.
B bob September 3, 2008
Was THA proposing to purchase just the Rhodes building or was it the full package of Rhodes, the Rhodes Annex building on Market Street, AND the block-long parking garage? Maybe the state could consider splitting up the properties.
D Derek staff September 3, 2008
@5 The whole thing. And, from what we hear, the State isn’t interested in splitting the property.
C Chris September 3, 2008
Can Tacoma just close on a deal for gosh sakes?
It’s great to hear about all of these new developments in long-vacant properties, but when news like this is initially reported, could we have some kind of indication of what the chances are of such deals actually going through?
J Jenyum September 3, 2008
That is sad to hear.
Re: The Retail Space
I would love to see a pharmacy/general store type place. There’s nowhere downtown that you can just stop in and buy a pen, a notebook, a beach towel, a roll of paper towels, or any number of other things I have found myself wanting this Summer while at the market.
With a vibrant Farmer’s Market there May-October I think there’s a built in customer base for something like that.
T TheGulag September 4, 2008
Would be a great place for a department store.
C CA September 4, 2008
It’s stories like this that make me disbelieve the “we need more office space downtown” refrain. If there truly is an office space shortage, and subsequent demand, then why wouldnt some smart and capable developer purchase this building and convert it to office space?
I I'm for Change (for tacoma) September 4, 2008
Say I need a medium-to-large office space; I’m thinking several floors, large square footage.
Would it cost me more to build a new structure or rehab an existing one bringing it up to current code? I know it depends on the existing structure, etc; but just in general terms — New vs Old?
…and no, I’m not in the market. Just a downtown dweller wondering.
E Erik B. September 5, 2008
From the Tribune:
If no deal is brokered by October, the state will market the complex to private investors.
“We have a number of investors that have expressed interest, but haven’t made offers,” Bippert said, adding that the state isn’t worried about being able to make the sale.
Hopefully something will happen.