Tacoma moving forward with development on unused land
TACOMA, Wash. (AP) — A plot of land that's been sitting vacant near the University of Washington Tacoma for more than a decade will be the site of a new mixed-use project.
The News Tribune reports the city sold the 6-acre parcel to North American Asset Management in June for $3.5 million. The Bellevue-based firm is led by Luo Xun Kun, who heads a real estate development company that has annual revenues of about $31 million in China.
Plans for the site include hundreds of apartments and nearly 300,000 square feet of office and retail space.
The land was sold for less than half the $7.7 million the city owes on tax-exempt bonds on the property, but officials say they're going to continue paying off the debt.
Construction on the $125 million development project is expected to start next spring.