Commencement Update

It's been a busy couple of months for The Commencement building. The building now has 20 of the 62 units occupied or rented. The common area was finished last month and the rest of the building is slated to be complete by the end of this month.

Below are some recent construction photos. If you have friends ready to move to Ruston, they can get more details at www.thecommencement.com.

Old Meets New

The new school parking lots and alley, provided by The Commencement (in exchange for other monies owed to Ruston), are completed on the northern side. The work included replacing the 10 foot rusted fence with this 4 foot clean version. Construction continues on the southern lot and should be complete soon, with no replacement planned for the fence on that side. Looking good in the neighborhood!

Best Views In Town - Or Anywhere

Not only the best views in town, some the best views in the state are available from any of the six floors of the Commencement building. The public got their first look at those spectacular views yesterday as the doors officially opened. The party included the traditional ribbon cutting, wine and tasty treats with local folks mingling with the developers who brought the building to completion.

Tours were given of the new apartment homes, including the units on the top floors. The views over the bay of Mount Rainier were as beautiful as expected, but the surprise was how interesting the view was from the opposite side of the building. Not only are the Olympic Mountains visible from the north end of the building, the scene overlooking Ruston and the north Tacoma hillside was intriguing.

The original marketing campaign for this building was "Views Without End" - true indeed. And new neighbors will finally move in and enjoy those views. Success at last....

Commencement Building Ribbon Cutting

It's official - the Commencement Building is finally ready for its public debut! After two failures, Onward Investors has turned the corner and brought the building close to completion. The ribbon cutting ceremony is scheduled for this Thursday, July 12th from 4 til 8 pm, followed by a reception. The guest list includes senior officials from Onward Investors, property managers Suhrco and builders Saco along with the Tacoma Chamber, the local business district and elected officials from Ruston and Tacoma. The event is open to the public, so come join the celebration!

Get Your Luxury View Now

Hether, leasing manager at  The Commencement, provided these clarifications to the last article about their project and some great photos:

1.       We have 9-11 homes per floor

2.       Our Office hours are 7 days a week 9am-7pm. After hours available by appointment only.

Penthouse View

Inside The Commencement

Not only is construction finally in full swing in the oft-silent Commencement building, but the marketing team is moving in and gearing up operations. The new leasing office is open, using one of the larger model units as offices for now and moving into their permanent space by mid-June. Right now the team is focused on advertising on standard real estate websites, getting their own web page up and welcoming foot traffic with new signage soon.

As construction-savvy Rustonites know, schedules are subject to change – but it appears the first new tenants will join the two current occupants by this summer as expected. As promised, the units are being completed from the top floor down, including two new penthouses that are being converted from former open areas, both with large decks and great views. There are 7 or 8 units per floor, each with a view on both sides (Mount Rainier in front, Olympic Mountains in back). The entire building is expected to be complete by the end of August.

Two new tenants have already committed to move as soon as possible. Rental agreements require a $500 reservation fee, which is applied to the security deposit once the application is approved. There is also a $43 non-refundable application fee. For now, the leasing office is open 7 days a week or by appointment:

Monday 10-7pm

Tuesday 9-7pm

Wednesday 9-7pm

Thursday 9-7pm

Friday 9-4:30pm

Saturday 9-4:30pm

Sunday 10-6pm

Most apartments are 2 bedroom, 2 bath. The current model on the second floor (pictured below) has a 10X10 closet, den, utility room with a sink. The building will still have a large common area for residents to enjoy. The space will feature Wi-Fi, a Kindle library, fitness center, conference room with a large television, kitchen facilities, lounge area and pool table. Stop by during the open house this weekend and see for yourself!

Living Room (open fireplace to the bedroom behind)

Den/Office

New Entryway

View from second bedroom

Second Bedroom

Master Bath

Master Closet

Master Dressing Room

Master Bedroom

View from master bedroom

View from living room

Ever want to get inside one of those new luxury units at The Commencement building? Now's your chance!

The new owners are opening their doors to the neighborhood first; inviting residents of Ruston and Tacoma's north end to visit for a special hard-hat tour this weekend.

Stop in this Friday between 4 and 7 pm or Saturday between noon and 8pm. Check out the high-end apartments, drink in the spectacular views and welcome a new neighbor finally on the verge of completion.

Commencement Building Details (+ Photos)

Tom Elmer, managing director and CFO for new owners Onward Investors called yesterday to chat in depth about their plans for the Commencement building. He graciously provided these photos of a model unit as well. Mr. Elmer confirmed the occupancy goal  of mid-June. They will focus on finishing the top two floors first, then work their way down, finishing a floor every two or three weeks after that.

The other focus will be to finish the model unit (seen here) on the second floor along with a common area that will feature an exercise room, lounge, large patio and other amenities. The building will house an on-site sales office in the lobby, scheduled to open by April.

Mr. Elmer noted that apartment dwellers only need a couple of months lead time, unlike condo buyers who typically take a year or more to shop and finalize their decision. Thus the marketing of the building will begin in earnest in April (two months before the first new resident can move in).

The new owners will carry forward the same vision for the project, using materials left by the previous owners where they can. They plan on keeping the same color scheme and layout (for instance each apartment will still have its own laundry room), as well as keeping the Commencement name for the project.Most of the remaining work is inside, although there are some roof parapets to complete and exterior siding repairs. All the units are painted with the electrical stubbed in and most of the hardwood floors and tile work is done. The finish work varies by unit, depending on where the unit was in the sales process when the most recent bankruptcy hit.

The two current building occupants will remain as tenants. For now, the full building will be apartments. If market conditions change, the owners may consider "stacking" condos, similar to what Point Ruston is doing with their current building under construction. Under this scenario, the top floors would be converted to condos while the rest of building remained rentals. Mr. Elmer did not think that was likely, given the additional requirements that go along with condos. Their vision for this project remains high-end apartments.

Mr. Elmer confirmed that they have agreed to repave both parking lots and the alley around the school building. This was in exchange for staging material on the south lot and to meet some of the obligations of the previous owners. He was not sure of the timing for that work, but said discussions are underway with the town.

Mr. Elmer stated very clearly that "they are for real - with real money." They have the project capitalized and are excited to move forward. They are committed to being good neighbors. He hopes to overcome any lingering neighborhood resentments over time by staying connected and committed to the community.He points out that the building manager and maintenance folks will live close by and be neighbors. The marketing team will be involved with the local business district. For now, the project brings construction jobs and will eventually add new residents to shop our stores and build our tax base.

Noise and activity will once again be the norm for the neighborhood as construction gears up. With the sewer work and Point Ruston build-out underway, Ruston is 'the happening place' to be!