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August 30, 2016
A plot of land near the University of Washington Tacoma that's been sitting vacant for more than a decade will be the site of a new mixed-use complex.
The News Tribune of Tacoma reports the city sold the 6.4-acre parcel to North American Asset Management in June for $3.5 million.
The property is bounded by uSouth 21st and 23rd streets, and Jefferson and Tacoma avenues.
The Bellevue-based firm is led by Luo Xun Kun, who also heads a real estate development company in China that has annual revenues of about $31 million.
Martha Anderson, assistant director of the city's Community and Economic Development Department, told the DJC the sale should close later this year, after the conditions of the purchase-and-sale agreement have been met.
Plans for the site include 360 apartments and nearly 300,000 square feet of office and retail space.
The land was sold for less than half the $7.7 million the city owes on tax-exempt bonds on the property, but officials say they're going to continue paying off the debt.
The first phase of construction on the $125 million project is expected to start next spring. Completion of the whole complex is set for 2021.
Caron Architecture is the architect. BergerABAM is the civil engineer.
The project team is preparing to submit a site development permit package to the city this week, Anderson said.
Representatives from North American Asset Management weren't available to discuss their plans with the DJC on Monday.
This article contains material from The Associated Press.