Located at 1101 "A" St. in Downtown Tacoma, the Perkins Building was built by Washington newspaper magnate S.A. Perkins and is listed on the National Historic Register.
Locals Bob Hollister and Gary Bodenstab acquired the building in 1997 with the intention of building out high-tech office space--and the expectation of rent rates in the vicinity of $19.50/sf. But times being what they are, the developers switched course mid-stream and ended up with an 88,000-gsf mixed-use building.
Hollister tells GlobeSt.com that the newest version of the Perkins Building breaks out with approximately 20,000 sf of office space, 15,000 sf for retail, 81 luxury apartments—and an eighth floor that has been reserved for the opportunity to create high-end custom apartments or condominiums.
As for the quality of the renovation, Hollister says, "The apartments are nicer than anything else in downtown—they turned out even nicer than we had hoped." During the course of the renovation, the contractor, Tacoma-based Mountain Construction, discovered original brick walls and ornate floor tiles, which were restored to preserve the building's historic beauty.
Asking rents on the commercial space is $12/sf to $15/sf "depending on the tenant improvements" says Hollister. The single commercial tenant thus far is Optic Fusion, a high-speed telecommunications firm that has leased the entire fourth floor and may possibly be expanding.
Hollister says about a third of the apartment units have been leased and some tenants were able to move in this past October as construction continued around them. Rents on the units begin at the low end with a one-bedroom one-bath for $1,095. At the top is a 1,300-sf two-bedroom, two-bath unit listed at $1,950. Information regarding the individual units is available at the project's Web site, www.perkinslofts.com.
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