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Tacoma Land Site Development Opportunity Tacoma Land Site Jones Lang LaSalle Americas, Inc. Listing flyer Tacoma Land Site | Tacoma, WA The Offering JLL has been retained as the exclusive agent for the sale of 1915–1931 Tacoma Ave S, a development opportunity in Downtown Tacoma. 1915 – 1931 Tacoma Ave S is comprised of four parcels spanning approximately 28,800 square feet per records from the Pierce County Assessor. The site is currently vacant land. Two massing studies have been completed for the site, with unit counts up to 187 units, plus retail, parking, and storage. Its Downtown location provides additional advantages for the multifamily developer including immediate access to employment, education, retail, entertainment, transportation, and future development. This includes the University of Washington — Tacoma, Brewery Blocks, Interstate 5, the Tacoma Dome, and the upcoming Tacoma Town Center Development. Further opportunities are minutes away within the core areas of the Tacoma market. The site also sits within UW Tacoma's Master Plan which will be implemented due to the projected influx of 400-500 more students each year for the next six years. The master plan will expand the current campus to help accommodate not only the influx of students, but the faculty as well. Property summary Address 1915 – 1931 Tacoma Avenue South City, State Tacoma, WA Tacoma Zip 98402 Land Site Submarket Downtown S 19th St 2019110060 (9,000 SF / 0.21 Acres) 2019110070 (9,000 SF / 0.21 Acres) Parcel # Jefferson Ave 2019110080 (3,000 SF / 0.07 Acres) 2019110090 (7,800 SF / 0.18 Acres) Lot Size 28,800 SF (240 Ft Frontage x 120 Ft Depth) Zoning DMU (Downtown Mixed-Use) Market St Fawcett Ave Fawcett Yakima Ave SYakima Proposed Use Mixed-Use Multifamily Development Ave S Tacoma Retail, Office, Residential, Industrial Allowable Uses S 21st St (contained within bldg.) 2 | Listed exclusively by JLL Listing flyer Tacoma Land Site | Tacoma, WA City of Tacoma The City of Tacoma is the county seat of Pierce County, Washington. Located along the banks of Commencement Bay, Tacoma is situated 32 miles south of Seattle, 31 miles north of Olympia and 18 BREWERY BLOCKS miles south of Sea-Tac International Airport. Encompassing an area totaling 62.6 square miles, most portions of the city enjoy breathtaking views of Mount Rainier. Over the past 20 years, the local community has worked to reclaim and revitalize the City of Tacoma. The results of their investments include a thriving international port, a downtown filled with restored historic buildings, new museums, galleries and restaurants, the establishment of new centers for higher education and improved transportation. Ongoing transformations include the Brewery Blocks and Tacoma Town Center – both located near the University of Washington Tacoma. The $200 million Brewery Blocks will have a mix of new structures and restored warehouses to include housing, offices, retail and restaurants, with full development to be completed in 2022. The showcase of the Brewery Blocks is a 14-story tower that will be Washington State’s tallest building constructed of cross-laminated timber. Meanwhile, the Tacoma Town Center had a ground-breaking ceremony in late 2017. The first phase of the $125 million, 6.4-acre development has an estimated completion date of late 2019. Phase one plans were updated in August 2018 to include apartments, condos and well over 200,000 square feet of specialty TACOMA TOWN CENTER retail space. POPULATION The Tacoma area is experiencing some of the strongest net in-migration in the state as residents are getting priced out of urban centers such as Seattle and Bellevue. The renewed vibrancy of Tacoma brings further appeal to a growing population. For 2018, the Washington State Office of Financial Management estimates a population of 209,100 for the City of Tacoma. The median age of residents is 36.5, with 16 percent between the ages of 25 and 34, and 13 percent between the ages of 35 and 44. According to Mayor Victoria Woodards, Tacoma is poised to grow by 64 percent in the next 20 years. Overall, the South Puget Sound has become a targeted destination on the flight to affordability. In fact, 2016 Census Bureau data shows that Pierce County achieved the highest growth of in-migration in the country when compared to 3,100 counties across the United States. Since 2014, Pierce County has grown by an average of 12,730 people per year with the clear majority of in-migration coming from King County. 3 | Listed exclusively by JLL Listing flyer Tacoma Land Site | Tacoma, WA Employment HEALTHCARE Tacoma's employment industries have become increasingly diversified. In the 1980’s since 2017. JBLM additionally supports more than 32,000 military retirees and 60,000 Microsoft and Boeing began transforming the landscape of the Puget Sound and Pierce family members living on and off base. As a result, JBLM is the fourth largest military base County shifted from wood and paper production to manufacturing. Today, employment (by population) in the country. Notably, Pierce County has the 4th highest concentration leaders in Pierce County are warehouses and healthcare. Among the largest employers of retired military personnel in the U.S., with over 15 percent of veterans remaining in the in Tacoma are the MultiCare Health System and Franciscan Health System. MultiCare Puget Sound after retiring from the military. Health System, which operates Tacoma General, Allenmore and Mary Bridge Children’s Hospitals, is the county’s largest private employer and the largest community-based, locally governed health system in Washington. Both MultiCare and Franciscan Health Systems continue to expand within Tacoma and the South Puget Sound with significant projects completed over the past few years. Consolidation and reform within the healthcare industry, as well as the aging baby boomer generation and availability of space in the Tacoma area, has prompted continued growth. In Tacoma specifically, MultiCare operates from well over 2 million square feet of property and Franciscan holds nearly 1.4 million square feet of space within city limits. Local employment exceeds 7,400 at MultiCare and 6,500 at Franciscan, respectively. PORTS & MILITARY INDUSTRIAL Some of the most traditional components of the local economy are the Port of Tacoma As land in Seattle has gotten increasingly more expensive, the heart of industrial and Joint Base Lewis-McChord (JBLM). Recent improvements to Port of Tacoma facilities warehousing has moved to the south. Industrial space in Pierce County now totals have increased the volume of shipments the Port can handle. Economic growth has also over 70.5 million square feet (95.4 percent occupied) and hosts almost 38,000 jobs in allowed the Port to develop into a major center for bulk, heavy-lift cargoes, medium-duty warehousing, distribution and manufacturing. In this area, nearly 3.6 million square feet trucks and automobiles. Now combined with the Port of Seattle to create the Northwest is currently under construction with two large build-to-suit projects kicking off south of Seaport Alliance (NWSA), the Port of Tacoma competes with other gateways in Canada Tacoma and a third on its way. This includes 1.2 million square feet for Ashley Furniture, and California for Pacific Rim cargo. This partnership has also created the third largest 500,000 square feet for Best Buy, as well as the new $9.5 million Tacoma Distribution cargo gateway in North America. The impact of marine cargo operations within the NWSA Center to be built at 2519 South 96th Street in Tacoma. The 78,000 square foot Tacoma is estimated at $4.3 billion, supporting over 48,000 jobs across the Puget Sound. Distribution Center will face I-5 and provide optional proximity to the Port of Tacoma. Spanning over 645 square miles of land outside of Tacoma, Joint Base Lewis-McChord 63 percent of the total regional industrial pipeline is slated for Pierce County and new is another major economic force. The base has a total economic impact of more than deliveries are expected to be absorbed quickly. 46 percent of new speculative inventory $6 billion and JBLM represents 1.8 percent of Washington’s gross domestic product. It in Q4 2018 was pre-leased at delivery and current demand includes tenants seeking 14.5 employs approximately 62,000 soldiers and civilian workers, which is an increase of 3,000 million square feet of space. 4 | Listed exclusively by JLL Listing flyer Tacoma Land Site | Tacoma, WA Submarket overview Key Employers Map Key employers No.No. of of CompanyCompany name name employeesemployees 11 JointJoint Base Base Lewis-Mc Lewis-McChordChord 60,10060,100 2/32/3 MulticareMultiCare Health Health System System 7,4397,439 44 StateState Of of Washington Washington 6,8386,838 55 ChiFranciscan Franciscan Health Health System 6,5286,528 66 PierceUniversity County of GovernmentWashington Tacoma* 3,0585,722 18 7 WesternPierce CountyState Hospital Government 2,3003,058 99 7 16 9 88 CityWestern Of Tacoma State Hospital 2,2512,300 9 StateCity Farm of Tacoma Insurance Companies 2,1502,251 15 4 167 9 10 Boeing 1,575 21 10 Boeing 1,575 28 30 509 5 International Longshore And 11 International Longshore and 1,500 11 Warehouse Union Local 23 1,500 17 3 Warehouse Union Local 23 7 6 Within 10 min. drive 12 12/13 Amazon Distribution Centers 1,400 11 Amazon Distribution Centers 1,400 5 24 16 12/1314 Tacoma Public Utilities 1,350 29 14 Tacoma Public Utilities 1,350 University TACOMA 15 Davita 1,025 Fox Place 1615 MilgardDavita Manufacturing 1,0001,025 Island 14 26 1716 ComcastMilgard Cable Manufacturing 1,0001,000 20 167 1817 CampComcast Murray Cable (National Guard) 9801,000 1918 PierceCamp Transit Murray (National Guard) 976980 Within 20 min.
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