Tacoma Metro (downtown and suburbs) and South Puget Sound activity tracking.
China-based investment firm proposes two-tower hotel-condo complex for downtown Tacoma
By John Gillie, Staff writer
April 11, 2014
City officials will ask Tacoma City Council approval Tuesday to begin negotiations with a Chinese-owned development company that seeks to build a twin-towered retail, hotel and condominium complex on a city parcel adjacent to Tacoma's convention center.
The proposal by Yareton Investment and Management LLC calls for construction of a 300-room luxury hotel, 150 condominium units, a 400-car garage and a large retail space just south of the Greater Tacoma Convention and Trade Center. The convention center is located at South 16th and Commerce streets.
Yareton is a Seattle-headquartered subsidiary of the Shanghai Mintong Real Estate Co. Ltd.
The company, which is building a 250-room hotel on Pacific Highway South near Sea-Tac Airport in Des Moines, was one of five developers responding to Tacoma's request for information regarding hotel construction on the convention center parking lot site.
Yareton's proposal was the only one of the five which called for no city subsidies to aid the construction and operation of the hotel complex.
"It's a very solid proposal," said Elly Walkowiak, a city development manager. Yareton told the city the whole complex would represent a $200 million investment when completed.
A Yareton envisioned the complex built in what now is a parking lot at South 17th Street and Broadway, as two towers.
The first tower
would include 10,000 to 60,000-square feet of retail space on the ground floor and parking beneath it. That tower would rise as high as 34 stories
, making it the city's tallest. The tallest building in downtown Tacoma now is the 25-story Wells Fargo Plaza. The tower's lower floors would contain the hotel's 300 rooms while the upper floors would be devoted to condominiums.
A second tower rising 12 to 18 stories
would be mostly devoted to residential condominium units.
Read more here: http://www.thenewstribune.com/2014/0...#storylink=cpy