#TACOMAFM – The City of Tacoma has announced that a development agreement has been tentatively reached with Yareton Investment and Management LLC. Pending City Council approval, they are proposing to build a 4-star minimum 300-room hotel with parking in downtown Tacoma adjacent to the Greater Tacoma Convention and Trade Center at 17th Street and Broadway. The development is expected to break ground in late 2016.
“This project reflects Tacoma’s success in raising its international profile and cultivating relationships,” said Mayor Marilyn Strickland. “This is part of Tacoma’s unified agenda and strategy for international relations to promote education, the arts, tourism and attract private investment.”
“Tacoma continues to evolve economically,” said City Manager T.C. Broadnax. “With strong commercial anchors at both ends of Pacific Avenue in downtown Tacoma – namely the University of Washington Tacoma, museums, and concentration of restaurants and retail stores – the new hotel will serve as a centerpiece for additional catalytic investment in the downtown core.”
Over the next several months, the City will work directly with Yareton in its due diligence and on the entitlement process, which will consist of preparing and submitting development plans for the hotel. A second phase of the project is also being contemplated by the developer, which would include approximately 200 residential condominiums, ground floor retail and/or office and parking.
More information on the project is available through Community and Economic Development Director Ricardo Noguera at (253) 591-5139.