By: dgardner

Developers say Tacoma's Proctor District is ready for more apartments and retail

Seattle Daily of Commerce
December 12, 2013
By Lynn Porter

For the past 15 years, Bill Evans and real estate broker Erling Kuester have been assembling properties near Evans' Pacific Northwest Shop, a gift store in the Proctor District of Tacoma.

Next summer the two friends and business partners expect to start seeing the results of that work.

Evans, Kuester, The Rush Companies of Gig Harbor and Rick Moses of Los Angeles-based development firm RM/d plan to start construction of a 147-unit mixed-use apartment complex called The Proctor next summer. It will be at the southwest corner of North 28th and Proctor streets in the Proctor District. Completion is set for a year later.

The project is expected to cost $30 million, including the land, according to Kuester, a real estate managing broker with Better Properties North Proctor.

There are eight parcels on the 39,000-square-foot site.

“Fifteen years is a lot of time,” Kuester said. “Assembling the properties has been a lot of work. It's been a challenge and I think it's going to pay off for everybody involved (including) the community.” Kuester, who lives in the Proctor District, said no multifamily projects have been built there in more than 50 years, and most of the apartments are leased.

Tacoma-based BCRA is the architect, interior designer, civil engineer and landscape architect, and is doing the branding and marketing. The Rush Companies is the contractor and Yu & Trochalakis is the structural engineer.

The project will have two buildings on either side of an alley connected by a skybridge.

The developers have applied to the city for air rights over the alley.

There will be 12,000 square feet of retail space on Proctor Street, 150 mostly below-grade parking stalls and a rooftop deck with views of Commencement Bay. The developers will also do on-street parking improvements so more vehicles can park there.

The apartments will be mostly one-bedrooms, with some studios and two-bedrooms.

The developers are targeting everyone from Gen Yers to older people leaving single-family houses. “There will be a demand from people across the demographic spectrum,” Kuester said.

He said he expects to also attract workers from State Farm Insurance, which is leasing the 12-story former Russell Investments building a few miles away in downtown Tacoma, along with four floors of a neighboring building.

State Farm is opening a claims center there, where hundreds of people will work.

“I would suspect there will be some folks who work at State Farm who will interested in living in a neighborhood business environment,” Kuester said.

He said the Proctor District is attractive for its walkablity, shopping and entertainment. It has two supermarkets, the Blue Mouse Theater (which Kuester and Evans are co-owners of), a bowling alley, shops and the Proctor Farmers Market, which also draws people from outside the neighborhood.

The Rush Companies will manage leasing of units in The Proctor, provide equity, and seek investor equity and financing, said Kuester. The Rush Properties division recently completed The Pacifica, a 177-unit apartment complex near Tacoma Mall.

Moses, the founder of RM/d, is a development partner in The Proctor. Moses helped secure a corner site that houses the Proctor Square strip mall as part of the development site. Michael Pearson, owner of that corner property, is an equity partner in The Proctor.

Evans, Kuester and Moses will handle retail leasing.

In Seattle, RM/d and Brad Augustine of Madrona Real Estate are developing a 108-unit apartment complex with 6,000 square feet of commercial space at 14th and Pike on Capitol Hill. That project, called REO Flats, is slated for completion next June.

View original article via the Seattle Daily Journal of Commerce

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