Construction of the first major building in the billion-dollar Point Ruston development near Point Defiance Park in Tacoma is finally under way.
Seventy-two concrete trucks began pouring the foundation Wednesday for the eight-story, 143-unit Copperline condominium building.
Excavation had been going on for that foundation for several weeks, developer Mike Cohen said Thursday.
“We didn’t want to make a big deal of the digging because we’ve been moving dirt around on the site for months,” Cohen said.
The building is the first to rise on the former site of the Asarco copper smelter at the north end of Ruston Way along the Commencement Bay shoreline.
Cohen has cash reservation deposits on 25 of the units. They range from $50,000 to be among the first 20 owners to have priority selection rights to $10,000 for owners with lower-priority selection rights.
Prices in the structure will range from $300,000 for the smaller units at 800 square feet to $2 million for units with 3,100 square feet. Not included in those figures are decks that range up to 750 square feet.
One parking spot is included in the three-story garage for every bedroom. The building’s ground floor will include some 25,000 square feet of retail.
Cohen said he’s had preliminary discussions with business people who are interested in creating a brewpub kind of restaurant, and opening an insurance office, a home accessory store and a tile company.
The developer said he hopes the first occupants will be able to move in in about 14 months, with the final units being done in 18 months.
He plans to begin a second condo building of about 100 units in about nine months. Cohen said he’s got a list of about 600 prospects who’ve registered on the Point Ruston Web site.
After the second structure, Cohen hopes to begin a Silver Cloud hotel structure and buildings near the “urban village” center that will contain restaurants and more shops.
Meanwhile, construction has begun on three homes on what Cohen calls “Stack Hill,” the site of the smelter smokestack.
One of those homes will be a display model. One is a custom home and the other is being built on speculation and will be for sale.
John Gillie: 253-597-8663
This article originally found at The News Tribune site.