Tacoma Trax apartment project to restart construction - Puget Sound Business Journal

The Tacoma Trax apartment project is poised to resume construction in June 2025 after navigating significant financial challenges, including a foreclosure. Originally launched in 2021, the project has faced multiple delays due to funding issues and a ground lease complication. Parkview Financial, which took over the project after foreclosing in November 2023, has submitted new plans that will nearly double the number of residential units from 115 to 202. The proposed eight-story building will expand from 146,000 square feet to 173,000 square feet, featuring live-work units on the ground floor to enhance community engagement. The estimated completion cost is $20 million, with the original architect, IHB Architects, retained to ensure continuity in design.

This project is vital for alleviating housing shortages in Tacoma's Dome District, especially following the challenges faced by its previous developers. Approximately $36 million was owed to Parkview at the time of foreclosure, highlighting the financial stakes involved. The renewed focus on the Tacoma Trax project reflects ongoing efforts to revitalize the local housing market and meet growing demand.