Now that McMenamins has opened their new Anderson School complex in Bothell, they are focused on securing funding for another large project in Washington. McMenamins has been looking at rehabbing the historic Elks Lodge in Tacoma since buying the property back in 2009, and they are now actively looking for investors to help raise the final 30% ($8M – $10M) of the overall project costs.
If all goes according to plan, renovation is expected to begin in spring of 2016 with a target opening date of summer of 2017.
McMenamins has had a tough time finding investors for the Tacoma project in the past, but they remain excited and committed to making it a reality. So, if you have a few million dollars lying around, why not give the McMenamins a call? Tacoma would thank you.
Portland, Ore, and Tacoma, Wash., Nov. 17, 2015 – McMenamins today announced it will begin seeking outside investment for its newest project, the $25-plus million redevelopment of the historic Elks Lodge in Tacoma. The renovation is the second for brothers Mike and Brian McMenamin that will accept outside investors. It follows on the heels of the Oct. 15 opening of the successfully co-funded and transformed Anderson School, McMenamins newest lodging and entertainment destination in Bothell, Wash.
When complete, the Tacoma Elks Lodge will feature approximately 46 hotel rooms with private baths; a ballroom for live music, events, weddings and meetings; three restaurants; small bars; a McMenamins brewery; an outdoor café and patio along the elaborate Spanish Steps; and gardens that will provide the restaurants with fresh, seasonal ingredients.
“This long-anticipated project will transform a beloved historic building into a family-friendly brewpub and hotel with distinctive art, live music and entertainment options. With the expansion of Link light rail, this will be another stop that connects our museum/university district with the Stadium and Hilltop neighborhoods,” said Mayor Marilyn Strickland. “A revitalized Elks Lodge will be a regional destination. We look forward to working with the McMenamins to help fulfill the vision of an entertainment and dining district that benefits Tacoma residents and visitors to our great city.”
The Tacoma Elks Lodge was built in 1915-16 when fraternal organizations were an important part of the community and had the money to build ornate buildings. It was designed by É. Frère Champney, a graduate of the École des Beaux-Arts, in the second Renaissance Revival style. Adjacent to the building is a stairway called the “Spanish Steps” that winds up the hillside adjacent to the building. These steps, modeled after the Scalinata di Spagna in Rome, were rehabilitated in 2011 by a grant from WSDOT and the Federal Highway Transportation Enhancements program.
McMenamins has formed Elks Temple Properties LLC to raise approximately 30 percent of project costs, a total of up to $8 – $10 million. The company is now seeking minimum investments of $150,000 from accredited investors. Accredited investors are defined as individuals with $1 million or more in net worth and greater than $200,000 in annual income, or qualified banks, partnerships, corporations, nonprofits and trusts. Those interested can visit www.ElksTempleProperties.com to learn more and register for investor information seminars.
About Elks Temple Properties LLC
Elks Temple Properties LLC owns and is renovating the Tacoma Elks Lodge site in downtown Tacoma, Wash. Architectural plans have been designed, permits obtained and the property is ready for renovation.
The developed property will be leased by the Company to McMenamin’s Brew Pubs, Inc., (a Washington wholly owned subsidiary of McMenamins, Inc.), which will operate the Elks Lodge as a 46-room hotel with restaurants, small bars, a brewery, event/meeting space and gardens.
This is a restricted, private placement of securities and units will not be publicly traded. The Elks Temple offering is not available to residents of New York State. Actual results may differ, perhaps materially, from those projected in the forward-looking statements included in this announcement. The securities offered have not been registered under federal or state securities laws in reliance on an exemption provided under Rule 506(c) of the Security Exchange Regulation D.
For additional information, and to register for investor information seminars, please visit www.ElksTempleProperties.com.