Developer Wins Tax Exemption for Apartment Projects Totaling 450 Units

TACOMA, WA-An Auburn developer this week was granted tax exemptions totaling nearly $13 million for two planned housing projects to be constructed at a cost of $75 million. The projects, totaling 450 units, are slated to be one block apart in Downtown Tacoma.

The developer is Vision One LLC of Auburn, WA. The projects are slated for the 1500 block of Tacoma and Fawcett avenues south, five blocks south of the city courthouse.

The first project would involve 190 new units. Total construction costs would be approximately $31.5 million and the annual tax exemption is estimated at $539,000. The second project would involve 260 new units. The property taxes exempted are estimated at $744,600 per year. Total construction costs would be approximately $43.5 million.