First, let's review what the article said. Gillie rightly observes how several economic factors are combining to create a slow-down in downtown redevelopment:
...emerging competition, changing market conditions and national trends...plus tighter financing, a deflating national housing market, a local oversupply of condominiums and new caution even among high-flying developers [has] put the brakes on what was a kind of gold-rush development market in Tacoma.Gillie then goes on to detail how these factors have played out in a number of projects to either slow down or stop them:
- Crosswater Condominiums (dead)
- Hanna Heights (renovated and re-opened)
- Jay Heights [pictured] (on hold)
- The Luzon (plans under renovation)
- Old City Hall Condominiums (stalled)
As usual, Gillie's tabulation is accurate and even-handed. What's missing from this feature is a sense of what's unique about Tacoma's downtown market. Specifically--with vacancy rates at a historic low, why isn't Tacoma's city center filled with cranes the way that, say, downtown Bellevue is? How has a project like The Esplanade been structured, managed and marketed that gave it a leg up on a project like the Crosswater Condos?