1517 Fawcett Ave
Tacoma, WA 98402
Tacoma Core Development Site · Land For Sale · 1.42 AC

Prominent ±61,796 square foot development site entitled for an 8-story multifamily building located at approximately 1517 Fawcett Avenue.
Centrally located in Tacoma’s downtown core and conveniently positioned just four blocks from the Tacoma Convention Center Link Light Rail Station. The Site provides close proximity to the University of Washington-Tacoma campus and regional employment hubs such as Tacoma’s healthcare employment zones and the Port of Tacoma. Beyond local employment, the Site’s location provides future residents with direct access to Interstate 705 and Interstate 5 which connect the region’s largest employment hubs between Seattle and the Kent Valley. Featuring a Walk Score of 88, residents will enjoy convenient access to shopping, dining and nightlife between downtown Tacoma and the Brewery District.
The proposed project consists of a mix of studios, one-, two-, and three-bedroom apartment homes along with an impressive list of residential amenities that includes multiple rooftop terraces, two top-floor sky lounges, a speakeasy-style resident clubroom, pet spa, fitness center, co-working spaces, storage lockers, structured parking, and in-unit air conditioning.
Building permits are scheduled for approval in 2026, and the project is eligible for benefits from Tacoma’s Multifamily Tax Exemption program (MFTE) which waives property taxes on all improvements for 8 or 12 years. In addition to MFTE benefits, the project is eligible to participate in the Opportunity Zone program which can provide investors with significant tax advantages with the purpose of incentivizing economic growth and job creation.
The fully entitled site also provides investors with the opportunity to capitalize on diminishing supply dynamics, while receiving the benefit of a shovel-ready project. There are no active multifamily construction projects in downtown Tacoma, and less than 1,000 units currently under construction across six projects in all of Pierce County. The project is also vested under the 2018 Washington State Energy Code and 2018 International Building Code (with WA State amendments) which provides investors with significant cost savings in comparison to the 2021 WA State Energy Code.