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Tentative Deal for New Tacoma Convention Center Hotel
The City of Tacoma has announced that it has reached a tentative deal for the development of a new hotel assoicated with the Convention Center in downtown Tacoma
There's been buzz about this deal since the City of Tacoma first announced it was in talks with investment firm Yareton Investment and Management LLC, representing Chinese investors looking to benefit from the EB-5 investor program.
Now, pending City Council approval, there's a deal for a 4-star minimum, 300-room hotel, with parking, to be built directly south of the Greater Tacoma Convention and Trade Center at 17th and Broadway. A second phase, still being considered by the developer, could include construction of 200 residential condos, ground floor retail/office space, and parking.
In the coming months the City will work with Yareton on due dilligence and the entitlement process, including developing and submitting plans for the hotel. If approved by the Council, the project would break ground in late 2016.
We've heard at public comment opportunities from labor groups and hospitality workers that any deal with Yareton should include labor standards to protect workers. There's no word yet on whether those standards could be included in this deal or not.
Mayor Strickland calls the tentative deal "part of Tacoma's unified agenda and strategy for international relations to promote education, the arts, tourism and attract private investment.”
The construction of the new hotel would allow for the Convention Center to book larger events, which for now are constrained at times by limited adequate hotel space in town. It would certainly be a big development for downtown Tacoma.
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