Out of the financial uncertainty of the last two years, Qualified Opportunity Zone (OZ) funds...
Historic Tacoma Building Converted to Apartments
Tacoma's historic Washington Building, at 1019 Pacific Ave., is now the site of 156 new apartments and 12,000 square feet of retail/commercial space.
Renamed The Astor, the 18-story building, constructed in 1925, had been offices when Unico purchased the property in 2016 for $9.8 million. In 2020, Unico and partner, Pinnacle Partners, a Qualified Opportunity Zone investment firm, began work on the conversion, which is now complete and renting.
In a press release, Unico said the “building embodies rich regional history while delivering modern apartment homes to downtown Tacoma.” Many original finishes of the landmarked property have been preserved including a marble-clad lobby and terrazzo flooring. This is juxtaposed by modern furnishings and finishes in the units. Residents also have access to a host of modern amenities that include a renovated penthouse with rooftop amenity deck, a fitness center, theatre room and penthouse lounge.
“As a longtime investor in Tacoma, we're excited to deliver a project alongside Pinnacle Partners that brings to life some of the region's richest history,” Gina Pfingston, Unico investments and development manager said in the release.