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Large apartment building in downtown Tacoma, now called Vue 25, will open this spring

Post by Kathleen Cooper / The News Tribune on Feb. 23, 2012 at 2:04 pm with No Comments »
February 23, 2012 2:04 pm

Downtown Tacoma’s Jackson Building has been reborn as Vue 25.

The apartment building at the corner of South 25th Street and Yakima Avenue, whose development stalled in 2010, could welcome residents as early at April.

In an interview Thursday with The News Tribune, one of the building’s new owners detailed the work done in the past several months to get the 163-unit complex ready for residents.

The apartment building on the corner of South 25th Street and Yakima Ave., shown Thursday, will open this spring at Vue 25. Photo by Lui Kit Wong/Staff photographer

“The building has been done to the highest of standards,” said Bob Tanaka, one of the founders of Randolph Street Realty Capital. Randolph, in a joint venture with BNY Mellon Asset Management’s URDANG, acquired the half-done building in June.

Randolph, based in Chicago, specializes in snapping up apartment properties with equity partners. The firm then stabilizes and manages the investments. Tanaka said his firm’s most recent acquisition in Western Washington was the Delano Apartments in Redmond, which Randolph bought in 2010 and sold in December to a California-based company.

URDANG and Randolph bought the Jackson Building in June for $8.5 million. But the building was incomplete. By the time of the purchase, work hadn’t been done for more than a year. The structure was exposed to rain and wind for most of that time while the original developer and lender fought in court over the project’s failure.

Tanaka said they’ve remade the building. They had everything tested for moisture and replaced all the drywall, siding and windows. They affixed a new roof. Then they tested everything again.

“It’s been way over-the-top and over-inspected,” he said. “Everything is brand new.”

Vue 25’s units range from studios to two bedrooms. Appliances are stainless steel, and each unit has a hotel-style air conditioner in the living room. Residents will have covered parking and access to fitness equipment and a theater room. Tanaka said they hadn’t settled on lease rates yet.

Some ground floor retail spaces will be available, but Tanaka said they’re not his top priority.

“It’s not exactly your best retail location ever, especially when you see vacant retail spots downtown,” he said. It could be medical office space, Tanaka said, given its proximity to St. Joe’s.

Vue 25’s color scheme – slate gray and rust – was a deliberate choice, Tanaka said.

“Our designer came up with different colors,” he said. “Bright colors could make it really visible on the hill, but we wanted to fit in the neighborhood. I think we’ve done a good job of blending.”

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