December 23, 2013 · Exit133

McMenamins Elks Project Delayed Indefinitely

We were hoping that for Christmas Santa would bring us some news on the McMenamins Elks project. What we got is more proof of that old lesson that you should be careful what you wish for...

The News Tribune is reporting that the project is delayed indefinitely due to insufficient funding. McMenamins has financed two-thirds of the $20 million project, and the company has been looking for an investor for the remaining $6 to 7 million. Numerous meetings with investors have proven fruitless. The words "frustrating" and "disappointing" come up in the TNT article. We couldn't agree more.

To make matters worse for those rooting for the renovation of the historic Tacoma building, it is now second in line for McMenamins' attention anyway. The company purchased the historic W.A. Anderson School in Bothell, and the city council there attached a January 2015 deadline to that project.

The good news for Tacoma is that the McMenamins brothers still say they're excited about, and committed to finishing the Elks project - it may just take longer than they thought when this whole process began, and they may have to finance it themselves.

Anyone have a spare $7 million lying around? Maybe it's not too late to appeal to Santa...

Filed under: Tacoma Business, Tacoma Landmarks, McMenamins Elks Project, Restaurants & Bars, Hotels, Elks Lodge

8 comments

Morf Morford December 23, 2013

If my math is right, 1,000 people pledging $1,000 is one million. Could we get 5,000 to pledge? And more pledging $100 or so....
ThriceJamie December 23, 2013

Outsmarted by Bothell. Drat.
Cheechmo December 23, 2013

They should do a Kickstarter. I hear that's what all the cool kids are doing these days.
Joe O'Brien December 25, 2013

Getting 70 people to invest $100K each ordinarily shouldn't be that difficult. But the specter of Tacoma doing something crazy like the $15 minimum wage might be a problem.
fred davie December 26, 2013

The developer wanted the ratty old monkey puzzle tree removed from the property and the city of Tacoma said NO. Funny how "financing problems" seem to occur when the developer doesn't get his way. Bet if the city removed that eyesore pronto we'd get this project back on track.
- Xeno December 29, 2013
  
  They got that issue resolved like 2 years ago. They're not adding on to the building where it exists and it isn't conflicting with site design. But let's not miss an opportunity for a New Takhoman conspiracy.
Christine December 27, 2013

Something the city should actually be promoting, something that will bring commerce to the North downtown and it isn't happening? If it has even a skosh to do with that ugly monkey-puzzle, it should be gone yesterday and I would've rather thrown the money from the glorified ditches towards the rehab of the Elks building. How much were those ditches again?
JDHasty January 1, 2014

The "brew pub" shtick is getting long in the tooth and investors know that. Ergo the developers are having trouble getting their projects funded. This should be a warning to Tacoma taxpayers to look out for some "public/private partnership" play coming along. That is the last recourse for funding projects that have a crappy return on investment.