Cornus House

Tacoma, WA • 199 units • development

199

Transit-oriented units delivered

$2M

Under budget at completion

First

Residential C-PACE in region

A ground-up Opportunity Zone development in one of Washington State's most transit-oriented locations—steps from the Sounder Commuter Rail station, adjacent to Tacoma Link Light Rail, and directly on the future Sound Transit ST3 alignment. The 199-unit development of naturally occurring 80% AMI housing overcame significant environmental challenges to deliver workforce housing ahead of schedule and under budget.

The Challenge

The deeply contaminated brownfield site required extensive remediation work before construction could begin. Additionally, the project needed innovative financing to achieve 80% AMI affordability without traditional subsidies, in a market where financing for ground-up development had become increasingly scarce.

Our Approach

• Worked closely with the Washington State Department of Ecology to develop and implement a comprehensive site remediation plan
• Pioneered the region's first residential use of C-PACE financing, an innovative program allowing clean energy investments to be recouped through tax assessments
• Assembled creative capital stack combining Opportunity Zone equity, traditional construction debt, and C-PACE
• Delivered all 199 units as naturally occurring 80% AMI housing with mix of studios, 1BR, and 2BR homes
• Maintained strict cost controls throughout construction, completing ahead of schedule with $2M in project savings

The Result

Broke ground in Q4 2022 and completed ahead of schedule in Q4 2024, delivering the project $2M under budget. The property reached full stabilization in Q4 2025, achieving the only successful lease-up in Tacoma during that challenging period. Successfully demonstrated viability of Opportunity Zone development for workforce housing in transit-rich locations.