Ethos Development Breaks Ground on 115-unit Apartment Project in Tacoma, Washington Opportunity Zone
Featured in RE Business Online on 04/05/21
TACOMA, WA – Ethos Development, a Portland, Oregon based real estate development firm specializing in multifamily development projects throughout the Pacific Northwest, has broken ground on the construction of Analog Tacoma, a 115-unit multi-family housing development in Tacoma, Washington, one of the first in the city to be funded from the outset with a project specific Opportunity Zone fund. Daniel Natsch, a Portland-based capital markets broker, arranged for construction debt financing.
The 65,00 square-foot project, ‘Analog Tacoma’, will consist of 115 apartment units in an eight-story mid-rise podium building. The units are designed to provide market rate affordability by way of efficient floorplans and sub-market gross rents.
“The need for accessibly priced multifamily housing continues to grow in the greater Tacoma area,” says Paul Del Vecchio, Founding Principal of Ethos Development. “Our buildings meet a niche between luxury apartments and subsidized affordable housing; allowing for design-forward convenient living solutions at a reasonable price point”
Works Progress Architecture designed the project to contribute to an already vibrant and evolving urban fabric. “Analog Tacoma draws inspiration from the site’s steep slope and the area’s rich musical history by varying the massing in stepped form similar to an equalizer.” says Carrie Strickland, Founding Principal of Works Progress Architecture.
Katerra, the general contractor provided preconstruction services and will perform the construction. Kris Beason, Head of Construction PNW stated “Katerra is excited to partner with Ethos Development and Works Progress Architecture on this important project that will deliver much needed multifamily housing to the Tacoma area.”
Ethos Development plans to break ground on a second Tacoma Opportunity Zone funded project later this year as well as a Portland, Oregon Opportunity Zone project this summer.
About Works Progress Architecture: Works Progress Architecture is a Portland and Los Angeles-based, 100% women-owned architecture and design studio. WPA advocates for the importance of provocative, modern designs that complement the existing urban fabric within industrial districts and enhance the quality of the local community. www.worksarchitecture.net
About Katerra: Katerra is on a mission to transform construction through innovation of process and technology. As a new breed of company within the industry, Katerra is powered through vertical integration and technology investment to provide a range of services and products to clients across the construction value chain. www.katerra.com
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