Unico, Pinnacle Partners Plan 156-Unit Washington Building Apartments Adaptive Reuse Project in Tacoma
TACOMA, WASH. — Unico Properties and Pinnacle Partners have unveiled development plans for Washington Building Apartments, an adaptive reuse of the 1925-built historic building in downtown Tacoma.
Demolition work is slated to begin in July followed by 21 months of construction, set to start before the end of the year. The 18-story development, scheduled for completion in early summer 2022, will feature 156 vintage apartments and a rooftop amenity deck.
The project will be redeveloped as part of a single-asset joint venture between Unico and Pinnacle Partners’ respective Qualified Opportunity Zone Funds (QOZF), which acquired the asset in May. Unico is developing the $60 million project on behalf of its and Pinnacle Partners’ QOZF investors.