Development

Cornus House

Cornus House is a new workforce housing project in Tacoma, WA completed by Great Expectations in 2024 and now in lease-up. It is located in one of the most transit-oriented locations in the state and provides excellent access to local amenities. It was completed on time and $1m under budget, in 21 months.

Location

2501 Commerce St Tacoma, WA 98402

Scale, Unit Types, Affordability

199 homes, including studio, 1BR and 2BR
60-80% AMI

Notable Partnerships

First project in Pierce County to use PACE financing
10 vouchers from the Tacoma Housing Authority for youth exiting the foster care system

Mixed-Use / Non-Housing

3 commercial spaces, totaling 2400 sf

Total Development Cost

$54 M

Funding Sources

PACE loan, $13M: New program for environmentally sustainable & resilient development
Stearns Bank, $16M: Senior loan
Opportunity Zone Equity, $18M: Sourced by Great Expectations

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