Monday, November 24, 2014

City Announced Tentative Hotel Deal in Downtown Tacoma

The City announced Tuesday a tentative deal to bring a new development into downtown Tacoma. It is a two phase project beginning with a 4 star, 300 room hotel, and parking structure. The second phase will include a 200 residential condo with ground floor rental office space.

The firm, Yareton Investment and Management LLC struck a deal with the City based on their ability to complete the due diligence and entitlement process.  If both phases are complete this project will be valued at $150 million.

The hotel will be built south of the Greater Tacoma Convention and Trade Center at 17th and Broadway. This project will allow the convention center to expand their event size, because they are already limited by hotel space.

This hotel is projected to break ground in 2016 if approved, then take an additional 2 years to build. This is exciting project for downtown Tacoma, and will continue to add another layer of economic stability to our city.