Vista Del Rey Goes Condo
The word on the street is that The Vista Del Rey, 16 floors of concrete post-war optimism, is following the Dorothy and going condo. The building is on the 300 block of Tacoma Avenue North in the Stadium District. Unlike a lot of the new condo projects in town, this is a vintage 1950s tower. There are only a few of these in town. The apartments were a bit plain with some strange angles and floorplans. The views, on the other hand, are quite good overlooking the water and the neighborhood. It’ll be interesting to see what the condo conversion does to the building. Any insiders know what’s happening? Floor plan changes? Specs? Details?
Previously on Exit133 – Dorothy Price List
Filed under: Rumor-and-Speculation
6 comments
J Jake June 15, 2006
Vista Del Ray has actually been condos for years. I remember seeing something funny about the building a few months ago. I am pretty sure the units were split up between 2 parties and rented out. Looks like all of the units are owned by 1 party now. If you look at the tax records for each unit they have been taxed individually since atleast 2002.
So I guess they aren’t going condo, but going for sale.
J Jake June 15, 2006
There looks to be some small units:
360sqft
390sqft
425sqft
and I thought my place was small..
D Derek staff June 15, 2006
The newspapers at the NW Room have reference to a condo conversion back in 1980. Related or a separate ‘conversion’?
J Jake June 15, 2006
Will be interesting to see what they do with the parking lots across the alley. Letting them go to the HOA would be a waste of prime land (about 30,000 sqft). I would say sale the lots and have an agreement that the new building has parking for the Vista Del Ray condo owners.
If the lots get in the HOA’s hands they will probaly just stay vacant parking lots forever.
M morgan June 15, 2006
Here’s a stupid question- and slightly off topic:
Does anyone know if units have to be owner occupied in order to recieve the 10 year tax abatement?
If someone or group were to purchase an apartment building and convert it to condo, is there something prohibiting them from retaining ownership while renting out the units with the benefit of not paying property tax for 10 years?
J Jake June 15, 2006
As far as I know it does not matter if the units are purchased as investments or owner occupied, you will still get the abatement, it runs with the property not the owner. Apartment buildings get the abatement if they qualify.
You don’t see many condo conversions with the tax abatement because you can displace tenants. The building has to be vacant for 1 year.
from the city:
The application may be submitted year round. The applicant must be the owner of the property. The property must be located within the boundaries of a mixed-use center. Existing housing must have one or more building code violations. No person shall be displaced to accommodate a tax exemption project.
Once the project is granted the tax exemption, construction must be completed within 3 years. The owner enters into a contract with the City of Tacoma, establishing specific guidelines for completion and acceptance of the project. If the owner sells the property after the tax exemption has been granted, the exemption stays with the property and is transferred to the
A redevelopment project must not displace existing tenants. Residential units proposed for rehabilitation must have been unoccupied for at least 12 months prior to the application. New construction projects must allow 12 months to elapse from time of occupancy of any previous residential structure(s) on the site.
It is funny how condo conversions are usually more affordable and the buyers that buy them could probaly use the tax exemption more than someone buying in a new more expensive condo project.