By Art Popham, The News Tribune, Tacoma, Wash. Knight Ridder/Tribune Business News
Jun. 5--This is the story of how far off track a pair of promising real estate developments can fall. And of the continuing struggle to put them right.
Fortunately, these entwined stories are not yet fully told.
Steve Morrison and his partners have invested $6.5 million to renovate the rundown Hotel Olympus Apartments at 815 Pacific Ave. John and Laura Hanan have put $1.5 million into restoring the adjoining Rowland Building into upscale urban lofts. These projects represent the exact type of private investment in downtown residential properties that Tacoma is working hard to attract.
But both of these neighboring developments are in trouble.
The Olympus failed to find the senior low-income residents for which it received tax credits. In December, it reorganized as general low-income and disabled housing. To date, it's had no success leasing the beautifully appointed classic restaurant space critical to its financial success.
The Hanans have filed two letters of complaint to the city …