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September 2017

Tacoma's first micro-housing building slated to open in mid-2018

Koz Development exterior and interior photosTacoma's first micro-housing project got underway last month when Koz Development broke ground on a mixed use project that will encompass 104 studio apartments, retail space and 60 bicycle parking spaces.

Located at 17th and Market, adjacent to the University of Washington's Tacoma campus and close to a light rail station, the building is slated to open about this time next year. It has an 80 Walk Score.

The 275-to 300 square foot units are expected to rent for $750 to $800 per month, including furnishings and utilities. In King County the average rent for a studio apartment in a new building is around $1,490, according to Diupre & Scott Apartment Advisors.

Large windows and extra storage in the kitchen are among features that make the homes seem larger. Convertible furniture includes a coffee table that can be changed into a desk or a dining room table.

Koz Development took advantage of local incentives, including a 12-year multifamily property tax exemption for this $12.2 million project. Based in Snohomish, the company designs, develops, and constructs micro-housing in urban infill locations as well as student housing for universities around the country. Company officials say their projects require only limited land and are built as environmentally-friendly structures. It currently has an estimated 1,000 units in the pipeline.