Seattle-based Homestead Community Land is planning an affordable housing project at a former Rite Aid property in Tacoma.
In January, Homestead acquired the 2-acre site at 1105 Martin Luther King Jr. Way for $4.2 million. The Washington State Housing Finance Commission provided a loan to Homestead to cover the purchase, reported the Puget Sound Business Journal.
The seller, the Seattle-based land preservation trust Forterra, had acquired the property for $3.1 million in 2019, and planned a 300-unit mixed-use development backed by $5 million from MultiCare Health System and $1.5 million in federal funds. While Forterra had proposed a large-scale cooperative development, Homestead is focused on permanently affordable homeownership.
Homestead is currently in the community engagement and listening phase of the project. Homestead partnered with Seattle-based planning and design firm Mithun during the negotiation of the purchase. Its partner on the project is Tacoma-based Aya Community Land Trust.
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