TAM accepts Asia Pacific Cultural Center purchase offer

With a $1.3 million buying price, with payments made over the next ten months.

The Tacoma Art Museum Board of Trustees accepted a purchase agreement for their current building at 1123 Pacific Avenue from the Asia Pacific Cultural Center at their Board meeting February 25, 2002.
Terms of the offer include a purchase price of $1.3 million and a payment schedule over the next ten months.
The initial payment was accepted on February 15, three additional installments are due June 30, Sept. 30 and Dec. 31, 2002.
These payments apply toward the purchase price of the building at closing, targeted for May 30, 2003, and are non-refundable.
“We are excited about the opportunity to work with the Asia Pacific Cultural Center to help create a regional center for their art, culture and business,” noted Board President, Kathryn Van Wagenen. “We feel fortunate that their plans remain true to the building’s current use and that the building will continue to play a significant role in our community.”
Tacoma Art Museum is selling their current building in preparation to move into a new building now under construction at 1701 Pacific Avenue.
The new building is expected to open in Spring 2003.
Part of an unprecedented cultural arts boom in downtown Tacoma, the 50,000 square foot stainless steel and glass building includes approximately 12,000 square feet of gallery space.
It will nearly double the museum’s existing exhibit space.
With galleries that move the visitor from street level to the second floor, the design literally sets the museum’s mission- connecting people with art – in concrete.
As visitors gradually move upwards through the space, they will experience the art around them, and then have an opportunity for a hands-on art making or art-learning experience in the Education Wing which features a Studio and Resource Center.
The building will also offer an expanded Museum Store, event space, a café, and state of the art collection storage areas.

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