The largest project last year for Cosmos Development was Lynnwood Center. Rendering courtesy of Cosmos Development

Not much is expected to change in the real estate market this year for Cosmos Development, says Oscar Del Moro, senior vice president in charge of development.

“I think it will be pretty much the same as it is right now,” Del Moro said. “I’m an optimist, having been through these cycles before, but also a realist.”

He said Cosmos, a developer of residential as well as retail and office properties, will likely hold off on major projects this year. “We’re always looking for opportunities, but it would have to be a good investment.”

One bright spot, Del Moro said, is the residential market. Cosmos is currently working on a subdivision in Redmond, with 223 units of both single- and multi-family homes.

Last year, Cosmos had proposed an office, retail and condominium complex for a 7-acre site owned by the city of Tacoma on two Tacoma Dome parking lots. The proposal fell flat with members of the city council, however, who feared the project would draw business away from the downtown area and criticized the firm’s cost estimate as too low.

“The city council never acted on the contract that was put in front of them to develop the property,” Del Moro said. “We basically withdrew our offer.”