The historic Washington Building in Tacoma has become Astor Apartments
Tacoma’s historic Washington Building enters a new era with a new name.
Seattle-based Unico Properties, along with Pinnacle Partners, announced this week the completion of the building’s conversion to apartments at The Astor, 1019 Pacific Ave.
The 18-story building dates back to the 1920s and now houses 156 units, ranging from studios to two-bedroom apartments.
Unico purchased the building in 2016 for $9.8 million and renovations began in 2020 as part of a joint venture project for Unico and Pinnacle, a qualified investment firm in the Opportunity Zone.
Work has been carried out to preserve the site’s marble clad lobby and terrazzo floor.
The building now houses a resident bar and lounge in the renovated building vault, among other amenities.
According to Friday’s announcement, “Residents will also enjoy a renovated penthouse with a rooftop terrace, which for the first time housed the Tacoma Medical Science Zoo.”
The building, opened in 1925, was at the time the tallest building in the city and the second tallest in the Northwest.
Prior to Unico and Pinnacle’s involvement, the former office building had fallen on hard times, with a weather-beaten exterior with broken terracotta brickwork and vegetation growing from the brickwork. Inside, office tenants struggled with a broken elevator.
The site began to come back to life through restoration and renovation as an Opportunity Zone project in 2020. Opportunity Zone funds are created to invest in properties and redevelopment in economically distressed areas. Investors can defer and possibly reduce their capital gains taxes in exchange for the investment.
Developers in 2020 valued the project at $60 million.
Leo Backer, co-founder and managing partner of Pinnacle Partners, said in a statement on Friday that through the investment in the Opportunity Zone “we have been able to partner with Unico to write the next chapter in the story of nearly 100 years of this historic property. .”
He added, “We look forward to seeing this redevelopment contribute to the vibrancy of downtown Tacoma. »
The site includes a fitness center, speakeasy-style bar, movie theatre, penthouse lounge and ‘great room to come, allowing residents to work from home outside of their unit, but within the space historic two-story banking building,” according to the developers.
Friday’s statement added that later this summer, “Jin Jin Matcha, a matcha tea cafe, will occupy the corner retail space of the building, helping to further activate the downtown core.”
Unico and Pinnacle’s announcement noted that the building already had its first tenants. According to The Astor’s website, rents range from $1,447-$1,500 for bachelor and one-bedroom units to over $3,000 for two-bedroom, two-bathroom units.
Unico worked with the City of Tacoma for adaptive reuse and obtained landmark status for the site from the National Park Service and the city.
“As a longtime investor in Tacoma, we are thrilled to complete a project alongside Pinnacle Partners that brings to life one of the region’s richest stories,” said Gina Pfingston, chief investment and development officer. development of Unico, in a press release.