Unico Properties kicked off the year with a bang, acquiring the historic 18-story Washington Building at 1019 Pacific Ave in downtown Tacoma, and is planning to make apartments out of the Jazz Age-vintage structure.
Unico will invest in significant capital upgrades to restore the building and convert it to apartments. Unico is collaborating with the City of Tacoma in the process. The city assisted the company in understanding the structural and permitting requirements for the conversion project, and provided guidance about the historic integrity of the building’s façade.
Unico is no stranger to this kind of historic property upgrade. In 2015, the company acquired Smith Tower (vintage 1914), making a multimillion-dollar investment in the renovation and preservation of the building, which reopened last year.
"Reintroducing the city’s historic building as new apartments, and blending past and modern worlds to create a new residence in Downtown Tacoma, is our goal," Unico director of development Julie Currier said.
The 124k SF Washington Building was the tallest building in Tacoma and the second-tallest building in the Pacific Northwest, behind Smith Tower in Seattle’s Pioneer Square, when it was originally developed in 1925. The property is now about 30% occupied and needs a lot of work.
