Business

Construction to begin ‘immediately’ on McMenamins Elks Lodge

After many, many, many false starts, construction on McMenamins’ Elks Lodge in Tacoma will begin “immediately.”

Eagle-eyed readers have noticed workers milling around the lodge in the past week. Now construction will begin in earnest, with an opening slated for 2019, the company announced Thursday.

When complete, the renovated Beaux-Arts style building at 565 Broadway will include 44 hotel rooms with private baths, three restaurants, small bars and a McMenamins brewery.

It also will have an outdoor cafe and patio along the Spanish Steps, a ballroom with a terrace view of Commencement Bay and gardens to provide the restaurants with fresh, seasonal ingredients.

The Portland-based company said it had closed its investment round with more than 45 investors, among them some Tacoma residents. The company sought to raise up to $12.5 million from investors for the project.

Initially the company thought it would cost about $18 million to fully renovate and building. Last year, it said it might cost about $32 million. The company’s website now says the renovation will cost $34 million.

Other financing for the project includes a bridge loan from nonprofit lender Craft3, a HomeStreet Bank construction loan and Federal Historic Rehabilitation tax credits bought by the Sherwin-Williams Co.

When it opens, the company expects to employ 150 full- and part-time workers.

Kate Martin: 253-597-8542, @KateReports

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