Downtown Tacoma busted out the golden shovels to break ground on The Henry, a development complex on the Foss Waterway, on Feb. 20.
The Henry, a seven-story complex, is on schedule to be completed in August of 2015 and the city of Tacoma hopes it is a beacon to let developers know that downtown is open for business.
The $32 million, 52,000-square-foot project will not only house a variety of studio, one- and two-bedroom apartment units, but also about 11,000 square feet worth of commercial space.
“We think [The Henry] is going to help create more economic activity and building activity, were hoping to bring more developers into Tacoma to do what we’re doing,” said Scott Carino, co-developer of The Henry.
Scott, his brother Tony and his father Ernie are veterans of developing in the Tacoma area, building Thea’s Landing downtown over ten years ago, where it has flourished and become a flagship project for downtown development.
The Henry will offer 116 units ranging between 530 and 1200 square feet and within easy walking distance to not only the Museum of Glass, but whatever commercial businesses end up in the complex.
The apartment units will not be exclusively geared towards the younger crowd.
“Most people think apartments are for younger people, but we have a ton of retired people in [Thea’s Landing],” Scott said.
Tacoma’s recent emphasis on development has led to downtown being “open for business,” and this push has made Tacoma an attractive city for both businesses and developers, beginning with the arrival of State Farm last year. The Carinos have had a positive experience bringing The Henry to Tacoma.
“We got our permits in August, and we’re building now,” Scott said. “If this was the city of Seattle, we’d be building a year and a half from now.”
The Henry is expected to have its first tenants move in during the summer of 2015, with rent ranging anywhere from between $1,000 and $2,300 per month.