Tuesday, January 09, 2007

Prium Begins Winthrop Transformation

The long-awaited purchase by Prium Companies of the controversial Winthrop Hotel is supposed to be completed next week, but the developer needs 18 to 24 months to build new housing so the hotel’s low-income tenants can relocate.

After that, Prium plans to restore the building to its traditional use as a hotel with retail space for a restaurant, coffee shop and flower shop. The company also promises to work with the City of Tacoma to develop parking plans to benefit both the hotel and the larger downtown.

The Tacoma City Council is expected tonight to approve a loan to Prium for $2 million in federal Urban Development Action Grant dollars. The money is to be paid back within five years and carries an interest rate of 4 percent.

1 comment:

  1. Great development.

    A year of hard work by many people is about to pay off for a restored historic hotel downtown and better units for low income residents.