Real Estate: 44,000 square foot existing building repurpose
Total Project Cost: 3.9 Million
Targeted 10 Year IRR : 16%
Sponsor: Qualified local sponsor with successful track record of buying and realizing the potential of underutilized assets
Little Timber Town will consist of the repurposing of an existing 44,000 square foot , 3-story industrial grade building in Tacoma, WA. The project is located in an Opportunity Zone and is eligible for Opportunity Zone benefits due to the very low assessed value of the existing improvements. The building, which boasts original wooden beams and columns as well as stunning views towards the Puget Sound, is currently vacant. Once renovations are completed, it will be repurposed to host light retail space, “maker” or work-loft space, and a single floor of paid monthly parking. Little Timber Town is located adjacent to Tacoma’s hottest residential neighborhoods, the CBD, and the University of Washington Tacoma campus. With a walk score of 95, the immediate area exudes classic Tacoma character, a city proud of its quirkiness and no-nonsense working class roots. Tacoma is the 3rd largest city in the state of Washington and is a city on the verge of transformation. Strategically located 30 miles south of Seattle and 140 miles north of Portland along the I-5 corridor, it is poised to benefit from the population and wealth explosion occurring in the Pacific Northwest.