The $300 million mixed-use Town Center project in Tacoma can move forward, with some modifications, following Tacoma City Council’s recent approval of an amendment that would allow Galena Equity Partners to assume a majority interest from North America Asset Management Group (NAAM) LLC, the Puget Sound Business Journal reported.
“This is a significant project for the city,” Elly Walkowiak, assistant director the city’s Community and Economic Development Department, told council members, according to the article. “It has the potential to positively impact and benefit the people of this community, especially through the addition of affordable housing and new office development — which would ultimately result in the creation of new livable-wage jobs.”
According to the article, NAAM will retain ownership of the existing Building 2, under the new amendment, and convey the remaining undeveloped property to its subsidiary, Tacoma Town Center LLC. Galena Equity Partners will now assume interest in the remaining properties. Construction is expected to start by the end of July.
The seven-phase development is expected to wrap up in 2025.