Exit133

November 13, 2014 · Exit133

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.

Filed under: Downtown Tacoma, Tacoma Business, Neighborhoods, City Projects, City Government, Economic Development, Hotels, Convention Center Hotel, EB-5

9 comments

  • Erik B November 13, 2014

    Best news of the year. Hope for Tacoma to start filling in the sea of parking lots and dead zones where there used to be buildings. Here is the current condition nearby the site:

  • sid November 13, 2014

    Straight out of the TNT comments "What is going on in the city I left? I am with the Mayor. Invest in business development. Did the people who have commented below read the article? The investors are from China. In exchange for this project, there will be an agreement for citizenship? Do the commentators know there are entire cities in China sitting empty? Watch the 60 minutes show about how this might bankrupt China. This will bring jobs? In the short-term, yes. Construction jobs. Then the show is over and the building sits empty like so much of Tacoma is now. Oy! What a nightmare!" "Tacoma should not participate in the business of selling US residency to foreign nationals in exchange for development just because US regulations allow it. The US already gives domestic jobs away by participating in a pretty far reaching H-1B foreign worker program. Don't take the bait!" Selling our dearest of things, the right to be called an American, for money, how very sad that people on this site support this.

    • ApitbullnamedPlug November 15, 2014

      I looked it up. The EB-5 program provides a 2 year visa to non-citizens who start businesses in the U.S. Some rules include being profitable (no zombie businesses) and employing at least 10 people. The question you're implying is should we trade residency in exchange for the business it brings? To which my answer would be umm... HELL YES!!!! I only hope the businessmen and families on the other end of this deal move to Tacoma, but if not I'd still love their business. Seriously, from what I can tell from local media, it serves a strategic need by allowing greater utilization of the Convention Center. It comes with jobs: construction jobs do matter and then there will be the people who work there and local businesses that serve the hotel. Even better if the phase two idea of condos and retail space go forward. Lastly, it occupies a physically dead space (I wonder if there will be any public input about the appearance of the building). All for the price of letting someone live here for 2 years? I would love to see there be a city department dedicated to tracking down more Chinese entrepreneurs who want to come start enterprises in Tacoma. As for your earlier comments about human rights in China, we've got lots of problems around here too. We've got a greater prison population than them despite them having 5 times our population. I see plenty of mentally ill in the streets and it's getting mighty cold. If you're concerned about injustice, I suggest you look in your own backyard. Fussing about this project does nothing about injustice.

      • Sid November 16, 2014

        "The permanent residence obtained by the investor is conditional for two years and can be made permanent upon satisfying USCIS at the end of the two years that the investment proceeds have not been withdrawn and the requisite jobs have been created." Do you really think they would pump that much cash into Tacoma for only a two year stay. This is why I think it is a bad idea to do this, people like you support things you don't even understand, just like the Mayor. If someone wants to invest, ok, but they can wait for their right to be a resident like the other poor migrants that work very hard. So because we have our own set of issues to deal with in our country you are going to sell it out?

        • ApitbullnamedPlug November 16, 2014

          I understand it just fine, I simply disagree with you. Fortunately judging by the other comments here, Tacomans are a practical bunch and don't agree with you either.

  • Karlan November 13, 2014

    Tacoma, one step forward, two steps back

  • Jesse November 14, 2014

    This is fantastic news and a real win for Tacoma. The people who are putting this deal together should be proud as this is a big accomplishment. Great job! Now, THIS is how you build a city! The News Tribune article states that 160 surface level parking spots could be displaced and those may need to be replaced by using the sale revenue to build a parking garage. Here's an idea; offer to build a City/County owned/leased garage under the Haub lot at 13th and Pacific to ease the costs of building the 16-30 story building Haub wants to build there. The costs for the County to locate at that site then drop dramatically and make it pencil-out for the County. They could buy floors in Haub's new building sorta like condos. Bring those 1300 County jobs to the Tacoma core!!! Build the Haub Building too!!!

  • Chris November 14, 2014

    Sooooo we should not develop Tacoma to protest what the Chinese government does? Many people don't like what the U.S. government does so I guess that means that they should buy Airbus airplanes instead of Boeing.

    • Sid November 14, 2014

      WOW