Apartment revival: Multifamily housing market cautiously coming back

When the housing industry collapsed six years ago, that implosion slammed the door hard on what had been a vigorous multifamily construction development business in the South Sound and across the country.

In Tacoma, Auburn, Kent and other cities, construction halted abruptly midproject.

But now, little by little, that door to multifamily development is reopening. The projects, predominantly condominiums before the recession hit, have in most cases been recast as apartments, and developers and the banks that are backing them are moving forward. Their commitment this time is more cautious because they remain concerned that the hollow construction boom could be re-created.

In Tacoma alone, nearly 800 new apartment units are near groundbreaking with as many as 1,200 more in the planning stages. In Auburn, two projects are moving forward on vacant land near that citys commuter rail station. And in downtown Kent, a mixed-use development under construction has reached the fifth floor near that citys station.

Most of the planned projects will have retail components on their first floors. At Point Ruston, one mixed-use structure will be built over a multiscreen theater. On the Foss Waterway, the first floor of The Henry apartments will include retail and restaurant space.

In many cases, new projects are being built or planned on the rubble of projects that failed during the recession.

Many of those sites still sport their basic appeal despite the fact that the original projects were stillborn half a decade ago.

DEMAND, MONEY FLOWING

Whats behind the resurrection of residential construction?

Developers have several answers.

Read the original:
Apartment revival: Multifamily housing market cautiously coming back