Join us as we transform this historic landmark building in downtown Tacoma, Wash., into a family-friendly brewpub and hotel with live music and distinctive art reflecting the area's history. McMenamins Elks Lodge will be a vibrant community gathering spot and mixed-use civic space. Its $32 million restoration is a project long anticipated by the local community, With a great location in the Old City Hall Historic District of downtown Tacoma and steps away from the expansion of the Tacoma LINK light rail, visitors and residents alike will be drawn to the property’s collection of bars, live music, relaxing amenities, history, art, great food and handcrafted beverages. McMenamins has formed Elks Temple Properties LLC and is now accepting investors for this exciting renovation..
McMenamins purchased the Elks Lodge for $1.2 million in 2009 and later acquired its adjacent annex building. Today, Elks Temple Properties LLC owns the stately six-story stone building that was built in 1915-16 and is designated as a "certified historic structure" by the National Park Service. The Company is seeking accredited investors who are interested in being part of community transformation. The developed property will be leased to McMenamin’s Brew Pubs, Inc., (a Washington wholly owned subsidiary of McMenamins, Inc., which owns 54 pubs, breweries and historic hotels in Oregon and Washington), to manage operations.
The founders of Portland’s family-owned McMenamins, which operates 54 distinctive pubs, restaurants and historic hotels in the Pacific Northwest, invites private investors to join them in redeveloping the historic Elks Lodge in downtown Tacoma, Wash.
The renovated property will fill a community need for a public gathering space spotlighting local heritage, dining, live music and lodging options for out-of-town guests.
The Elks Lodge project follows McMenamins first successful crowd-funding campaign, completed in early 2014 for the redevelopment of the historic Anderson School in Bothell, Wash. With more than $7 million raised from outside investors for that project, construction on McMenamins Anderson School was completed on schedule, and opened to the public on Oct. 15, 2015.
The funding strategy for both properties was made possible when the Securities and Exchange Commission amended Regulation D with Rule 506(c) in September 2013, allowing a business to conduct a private securities offering and promote it via media and over the Internet, provided that all purchasers are accredited investors. This widened options for private companies to raise capital without the assistance of a third-party investment facilitator.
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