Politics & Government

City Releases Details Of Proposed Town Center Agreement With SEB

The Tacoma-based developer proposes to build a mixed-use building north of the University Place library, including 12,000 square feet of for-lease commercial space on the first floor.

The City of University Place will discuss its proposed agreement with a Tacoma developer who wants to build a five-story, mixed-use building at Town Center on Monday.

But it released details of the proposed deal with SEB, Inc. today. If the deal is approved, the developer would pay $800,000 to city for the rights to build on top of the "Lot 8" garage, which the city would still own.

According to the agreement, $250,000 of the cash would go to the parks capital improvement fund if approved.

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Also, under the agreement, the $1.5 million in work remaining on the Lot 8 garage will be paid for by the developer.

Here are some other details of the proposed agreement:

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- The developer is required to construct a mixed-use project with commercial space on the ground floor as mandated by the city’s regulations and 100 units of market rate apartments. This will result in a general increase in activity in Town Center as well the development of approximately 12,000 square feet of new leasable commercial space, according to City Attorney Steve Victor.

- It requies the developer to conduct feasibility and title review in 20 days, to complete design and file a complete permit application for the project within 90 days of the review period, and close within 20 days of issuance of the development permits by the city. The developer must complete construction of the project within a year of closing, or the city’s sufficient completion of the Lot 8 garage interior improvements.

To read the full report, click on this link or view the PDF in the media gallery.

The University Place City Council meets 6:30 p.m., Monday at .


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