Five years after development went into limbo, developers are returning to Tacoma’s Thea Foss Waterway.
Now a development alliance calling itself the Henry Group is proposing to build a $31.2 million apartment and retail project just north of the Highway 509 bridge across the waterway.
The group is the same one that 10 years ago built the waterway’s first major residential building, Thea’s Landing.
The new proposal, tentatively approved Wednesday night by the Thea Foss Waterway Development Authority, would create a six-story, 161-apartment building on Dock Street next to Albers Mill.
The authority authorized its director, Su Dowie, to negotiate a sale of the property to the group composed of the Carino brothers, Tony and Scott, and executives from AP Rushforth construction company, Kim Nakamura and Randy Rushforth.
The authority will apply for shoreline development permits for the project Thursday.
The U-shaped building will incorporate lessons the group learned from building Thea’s Landing. It will include a rooftop dog park and a penthouse restaurant as well as 268 in-building parking spaces.
The structure will be placed at an angle on the lot to afford better views of the waterway and Mount Rainier.
The neighboring 21st Street Park will be enhanced with landscaped berms and children’s play areas.
Rents will range from $1,000 to $2000, said Scott Carino.
If all moves forward as scheduled, the building construction will begin by late summer or early fall and be finished 12 to 14 months later.
The building site was once optioned by Tacoma developer Prium Cos. Prium dropped its option to buy the lot when the economy turned south in 2008.