What do you think? Tacoma convention center hotel developer offers first look, delays project
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The developer proposing to build the second-tallest building in Tacoma has asked the city for another six months, pending financing.
In late 2014, the council inked a deal with developer Yareton Investment and Management LLC, which promises to deliver a four-star hotel adjacent to the GreaterTacoma Convention & Trade Center.
The city recruited bids for a hotel with a minimum of 300 rooms, a grand ballroom, a plaza, a parking garage, along with other amenities, to complement the convention center’s operations and help attract larger conventions.
Yareton had planned to break ground on the hotel this fall. But its federal application tied to 40 percent of the financing for the $85 million project has been delayed.
The Tacoma convention center hotel is not alone. Hundreds of applications for projects across the country are delayed as developers seek to add their projects to a federal list that encourages foreign investment, said Michael Fowler, a consultant on Chinese investment for the city of Tacoma.