On Friday, the Tacoma Public Library’s downtown parking lot will begin its transformation into a mixed-use development with the groundbreaking of the Hailey Apartments.
The lot, located at 1210 Tacoma Ave. S., will be turned into a $40 million, 166-unit, private development, set to open by the spring of 2019. HQC USA LLC, based out of Renton and headquartered in Vietnam, purchased the property for $750,000 last July.
“This development, our third foreign direct investment project this year, will turn an underutilized City of Tacoma parking lot into a thriving community for approximately 300 people, with 34 affordable units and ground level retail amenities,” said Tacoma Mayor Marilyn Strickland. “Although not an EB-5 project, it is being financed completely with capital from the developer, and it will serve as a catalyst for further growth and investment in this area of our downtown core.”
“This development will bring in future mixed-use projects along Tacoma Avenue, filling parking lots and underdeveloped properties where public transit is available and major public institutions such as the Pierce County courthouse, Pierce County administrative offices and Tacoma Public Schools' headquarters are located,” said Community and Economic Development Director Ricardo Noguera. “The project not only adds to the local tax base, it also adds around 90 full-time construction jobs, and will utilize local contractors and consultants from around the Puget Sound region.”
“Tacoma is attractive in terms of employment opportunities and housing value appreciation,” said HQC USA LLC Director Peter Truong. “Tacoma is not only the best investment fit for our company, but also for a lot of people contemplating a move to this beautiful city.”