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Prium May Buy Winthrop
The mysterious buyer of the Winthrop has been revealed via press release:
TACOMA, WASH. – Tacoma-based developer Prium Companies is pleased to announce it has entered into an agreement with AF Evans to purchase the 81-year-old 12-story Winthrop Hotel building at the corner of South 9th Street and Commerce in downtown Tacoma. Prium is a Tacoma-based real estate development conglomerate with projects in 26 cities statewide. “We have executed a purchase and sale agreement with AF Evans that we anticipate to close by the end of the year,” says Peter Ansara, Prium’s Chief Operating Officer. We are in the process of studying the potential for mixed use with a focus of developing a significant portion of the Winthrop to its original hotel state. Additionally, the study will include the potential of condominiums, relocation of the residents and historic preservation, Ansara also said.
We look forward to investigating the option of developing the historic Winthrop Hotel. It’s an important project that can be a catalyst for additional downtown Tacoma development in the heart of the theater and historic districts. If we succeed, we will make the City proud – of the Winthrop, its downtown, and its own civic values.”
About the Winthrop: The Winthrop Hotel, 773 Broadway, is in the Old City Hall Historic District and on the local and national historic registers. Built in 1925 as a luxury hotel, it was named after Northwest explorer Theodore Winthrop, but was originally called the “Citizens Hotel of Tacoma” because so many residents contributed to its financing through a local subscription drive as an effort to boost the local economy. The 11-story hotel was constructed with grand ballrooms and adopted a “coat-of-arms.” With a sense of civic pride, the Winthrop included intricate terra cotta and brickwork, much of which can still be seen today. The Winthrop served as a luxury hotel from 1925 to 1973, when it was converted to senior housing and later to low income housing. The City of Tacoma came close to shutting down and evacuating the building in December, 2005 after discovering multiple electrical violations.
Prium Companies is a privately owned real estate development and construction company headquartered in Tacoma. Founded in 1994, the company provides construction, commercial and residential development, and property management services for Pacific Northwest clients.
For more information, visit www.priumcompanies.com.
Link | Posted on 2. November 2006, 12:28
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We are in the process of studying the potential for mixed use with a focus of developing a significant portion of the Winthrop to its original hotel state.
All of the late breaking news on the Winthrop Hotel has kept alot of us on edge.
However, if the focus is kept on restoring the Winthrop Hotel with a focus on historic preservation, as Prium appears to want to do, I think are headed in the right direction.
1 | Posted by Erik | Nov 2, 12:57 PM
WOW! Now Im not so pissed about the delay of Jay Heights.
2 | Posted by craigA | Nov 2, 01:59 PM
Speaking of Jay Heights, if this deal goes through, Jay Heights will probably be pushed back another couple years.
3 | Posted by drizell | Nov 2, 02:17 PM
Correct me if I’m wrong, but wasn’t there already some other group of developers working on this project and prepared to take it to the next level?
Is this the first Tacoma has heard of Prium’s interest in so-called “historic preservation?”
Is there any evidence around of their qualifications in this arena?
4 | Posted by Michael W. | Nov 2, 02:40 PM
“Is this the first Tacoma has heard of Prium’s interest in so-called “historic preservation? Is there any evidence around of their qualifications in this arena?
Yep. The Past Projects page on Prium’s website lists a few. I was fortunate to have worked with them on the featured Cannery Station In Puyallup as PM for one of the subs, so I’d say in ebay lingo, they certainly aren’t “zero-feedback” status in that category. That delapidated building was about as challenging as a renovation/re-use of its type can get.
5 | Posted by Dave L. | Nov 2, 03:02 PM
I don’t know, it’s great to get the Winthrop restored in any fashion, but I was a little more excited with the previous offer. So far, I don’t know if Prium is the caliber of folks that can do the Winthrop justice…...I was more excited with the prospect of Coastal hotels in the hunt, at least they have some Historical hotel experience…...by all means, let me know if I’m off base here, it will make me feel more comfortable with the deal…...
6 | Posted by Rich | Nov 2, 04:47 PM
As I re-read this thread and my #5 comment (replying to #4) in full context, I see where you’re coming from, Rich. Despite my previous post, I know – the Winthrop isn’t exactly a falling-down wooden factory building or an old Safeway. Keep us posted Derek – Although it might seem like a reach, I suppose there might be creative ways to make it all doable.
7 | Posted by Dave L. | Nov 2, 05:01 PM
OK all you historic lovers. It is obvious that some of you do not understand that PRIUM is the 500 pound gorilla in Tacoma. They will get it done and done early and often. The guts of the Winthrop are falling down. It has been neglected to the point that it almost needs a wrecking ball. These guys are smart. They will put the necessary team together—-mark my words! I’ll eat crow if something otherwise happens. They are the pros!
8 | Posted by Paul | Nov 2, 06:02 PM
Hey, if they can get it done, and get it back into a “Classy” well done, historic hotel that can get the 4/5 star rating, by all means do it…..and I don’t care necessary who does it…...if Prium is the one, great….I dont’ care…so I hope your right paul
9 | Posted by Rich | Nov 2, 07:12 PM
As far as whether Prium can and will do it, we’ll definitely find out. I don’t see anything in their portfolio that is even close to the scale of this project. And while there are a lot of projects moving, we haven’t seen many finished yet in this town. So we have to wait and see what Prium has in mind for Tacoma. There’s no history from which I can draw upon to predict how this may turn out. It could be great.
However, being the town gorilla doesn’t necessarily equate to the production of a quality product or goodness in the community. I’m not saying it can’t be, but it is by no means a guarantee.
I’ll eat crow if something otherwise happens.
A word of advice I once received: If you’re going to eat crow, it’s best to eat it when it’s young and tender…
10 | Posted by Derek | Nov 2, 08:16 PM
Today was a great day for the Winthrop Hotel and the efforts to revitalize downtown. The Winthrop Hotel now looks almost certain to be improved in a meaningful way.
The interesting issue with Prium is that they have a large interest in having the Winthrop Hotel be a success as it is in the same area as a number of their condos which have just started getting on the market. Their sales office on Pacific is probably 200 feet from the Winthrop.
It has been neglected to the point that it almost needs a wrecking ball.
According to the structural engineers who have looked at the building, the basic structure of the Winthrop Hotel is in pretty good shape.
11 | Posted by Erik | Nov 2, 11:39 PM
Mayor Baarsma had some good words in the TNT today on the deal:
Tacoma Mayor Bill Baarsma said the purchase agreement is a significant advance for Tacoma’s downtown rehabilitation plans. Restoring the Winthrop to the eminence it once enjoyed as Tacoma’s best hotel will create major spinoff developments downtown, he said.
“With the redevelopment of the Pantages, the Elks Temple, the city’s garages and the condominium construction already going on just up the street, the Winthrop could transform the city,” Baarsma said.
Hang on.
Here is Prium’s (interesting) plan for moving the current residents:
Prium chief operating officer Peter Ansara said the company plans to relocate the hotel’s existing low-income residents to a new 250-unit mixed income apartment structure the company plans to build.
12 | Posted by Erik | Nov 2, 11:49 PM
“Prium plans to relocate the hotel’s existing low-income residents to a new 250-unit mixed income apartment structure the company plans to build.”
...and where will that be? A new building should provide similar conveniences in its location, but also follow the Fair Share principles in the Comprehensive Plan.
13 | Posted by MW | Nov 3, 06:34 AM
Today’s TNT article:
“Prium Cos. said its preliminary plans call for restoring the hotel’s ballroom and lobby in the 12-story structure at South Ninth Street and Broadway to their former elegance and reconverting perhaps half of the building from low-income housing to a four-star hotel. The remainder of the 1925-vintage hotel would be turned into upper-end condominiums. The company is also considering building a long-ago planned, but never-built north tower for the hotel.”
“Prium unexpectedly appeared on the scene at a propitious time for downtown. Negotiations between Evans and a hotel group led by Gig Harbor businessman Tim Quigg were on the verge of collapse when Prium stepped in.
Quigg said he was pleased that someone has jumped in where he and his group were faltering. The shortness of time available to work out a deal and the distance between Evans’ California home office and his group most likely would have doomed his initiative to failure, he said.”
14 | Posted by DavidS | Nov 3, 08:45 AM
Gee, could the relocation be to one of their currently planned projects in downtown…..Jay Heights, perhaps, or how about their project on the Foss? How will that affect the neighborhood around Jay Heights….? I bet the triangle folks will love it…..think about it, lets face it, the condo market is slowing…..maybe their hedging their bets with Jay Heights…would explain the delay in construction…...and by getting into the Winthrop suddenly they will have another income stream….makes sense to me…...anyone else….it’s still good for the area around the Winthrop, but what would happen to the area around Jay Heights? Of course I would be completly off mark here, but this is just a theory…..
15 | Posted by Rich | Nov 3, 09:26 AM
Prium says the “to be built” project will be a 250 unit building. Jay Heights is 99 units. Highly unlikely they are talking about Jay Heights, Chelsea Heights, or Hanna Heights, or even the Foss Waterway development. The foss development will have 76 condos and office/retail.
16 | Posted by craigA | Nov 3, 11:49 AM
I’ve been working as a sub-contractor for Prium Companies for almost two years and have found the company and its employees to be smart, honest, hard-working and with the highest quality standards. They are true to their word and have highly reliable and skilled people. They have experienced and talented staff and hire top-notch sub-contractors with specialized expertise to work as team members on all types of construction projects. Because the company is headquartered here and the management team and employees live and raise their children and grandchildren here, they have a vested interest in the greater Tacoma community. No matter what role they might play in a project, their goal is to enhance the communities in which they develop.
It’s been an honor and pleasure to work with Prium and I’m confident Tacoma will be proud of the work that Prium does both on the Winthrop Hotel and on serving the needs of the Winthrop’s current low-income residents. To learn more about Prium, visit www.priumcompanies.com.
17 | Posted by Denise P. | Nov 6, 11:53 AM
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