Tacoma officials study hotel, housing project in downtown
City officials in Tacoma, Washington, are studying the construction by a developer of a 24-story hotel in the downtown area. The two 240-foot towers would be near the Greater Tacoma Convention and Trade Center (pictured). Yareton Investment & Management has proposed construction of the facility on a two-acre plot. One of the towers would be a four-star hotel with at least 300 rooms. It would also have 10,000 square feet of retail, 19,000 square feet of meeting space, a plaza and underground parking for about 200 vehicles. Construction on the project would take about two years. Deadline for beginning construction on the hotel is two years from the day all parties have signed the development agreement.
The other tower would be built once demand is established. It would feature 200 condos or apartments with 20,000 square feet of retail and 200 more parking spaces. A Yareton official said the project’s proximity to the convention center and the University of Washington Tacoma would help ensure their success. The hotel will connect to the convention center. Other plans could include housing for the university’s students and staff. Meeting spaces for students could also be available to rent and an international food court would be part of the plans.
Plans called for the developers to make a $575,000 deposit when the agreement is signed, and another $575,000 deposit after the feasibility study is done. Those funds will go toward the $6.29 million the developers will pay for the land that would be purchased in advance of construction. Estimated cost for the hotel is $85 million. The development agreement says at least 40 percent of that, or about $34 million, must be covered by equity. EB-5 money, collected from foreign investors in exchange for visas for themselves and their immediate families, could make up about 30 to 40 percent of the cost of the project.