1931 S Durango St
Tacoma, WA 98405

Assemblage currently has SFR's on three of the 5 parcels, all providing rental income. This area of Central Tacoma is under review in the "Home in Tacoma" land use program. The assemblage is currently designated as Mid-Scale Residential in the revised Comprehensive Planning documents controlling the City’s long range land use. Mid-Scale Residential is defined as follows: Mid-scale Residential areas support the same housing types as Low-scale Residential areas, along with moderate-sized multifamily housing. Housing is generally up to 3 stories tall, with 4 stories allowed in some cases along corridors. Mid-scale areas are generally close to shopping, transit and other urban activities, and provide a transition between dense centers and nearby Low-scale areas. S. 19th St designated as “Avenue” in long range planning modeling, a primary focal point for Inclusionary Zoning. ...past reports indicate no critical areas or buffer on the site.  However there are off-site wetlands and any development on-site will need to meet what we call post hydrology.  Basically, development on the site cannot alter the amount of surface water currently directed to the off-site wetlands.   In our conversations with staff at the city, in discussing proposed development of 200-300 units of multifamily housing or a rental townhome community of 90+ units, we have been advised that the current path forward today, before “Home in Tacoma” is completed and codified, can follow one of the following three paths: 1.) Apply for and receive Rezone of the property to allow additional density. 2.) Apply for and receive a Conditional Use Permit under the Residential Infill Pilot 3.) Apply for a Development Regulation Agreement (provided you are proposing a “substantial percentage” of affordable housing). It is expected that Multifamily Property Tax Exemption (MFTE) will be extended into this area and will include the offered assemblage of properties. It is instructive to understand the details of Tacoma’s MFTE program — MultiFamily Property Tax Exemption (MFTE) Program Multifamily Property Tax Exemption Program is one way to encourage the development of multifamily units located in designated Residential Target Areas in Tacoma. The incentive exempts qualifying projects from property taxes on the assessed improvement value for 8, 12, or 20 years based on the level of affordability provided.    Project Eligibility: For a project to be eligible for the tax incentive, it must: 1.) Include a minimum of four new multifamily units 2.) Be located in one of Tacoma’s Residential Target Areas which include: 17 designated mixed-use centers Areas zoned Mid-scale Residential along key corridors For a 12 year exemption, 20% of the units must be affordable at 70% Pierce County AMI for 12 years For a 20 year exemption, 25% of the units must be permanently affordable (sold to or transferred to an affordable housing management group)