Adjacent to the building is a stairway called the “Spanish Steps” that winds up the hillside. 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.
Destined to be a vibrant community hub and travel destination, the $32 million development of the vacant Tacoma Elks Lodge is slated to transform the historic building into a thriving mixed-use civic space.
On the heels of the successful completion of the Anderson School, McMenamins has formed Elks Temple Properties LLC (The Company) and is seeking to raise up to $12.5 million from accredited investors interested in putting their dollars to work toward building community in the vibrant and growing downtown Tacoma, Wash., through the renovation of the city’s former Elks Lodge.
When complete, the property will be known as McMenamins Elks Lodge and will feature 44 hotel rooms with private baths; space for live music, events, weddings and meetings; a ballroom transformed into hotel rooms with terrace views of Puget Sound; three restaurants; a McMenamins brewery; and on-site gardens that will provide the restaurants with fresh, seasonal ingredients.
To solicit funds for the project, the Company is utilizing a recent (Sept. 2013) amendment to the Securities and Exchange Commission’s Regulation D, Rule 506(c), which allows a business to conduct a private securities offering and promote it via media and over the Internet, provided that all purchasers are verified as accredited investors.
Accredited investors, please email firstname.lastname@example.org
Perhaps more important than financial returns, McMenamins developments have a positive social impact. The independent, family business invests in projects that fill a community need for downtown areas, dining options, live music and art that showcases local heritage. The public benefits provided by these developments are material to McMenamins as a company and an important component of these property transformations.
Ideally situated along the Puget Sound and just 20 minutes away from the Seattle-Tacoma International Airport, Tacoma is a city on the rise, with an influx of more than $860 million in recent and planned development in the downtown core in the past several years. Tacoma has a well-deserved reputation as an art destination – the city has the highest density of art and history museums in the state – and McMenamins Elks Lodge will fit right in with an eclectic mix of art pieces from near and far.Just steps away from the city’s growing food and nightlife district, the McMenamins Elks Lodge project is just part of the city’s larger revitalization, which includes:
Located a short drive from Seattle at the intersection of major transportation routes I-5 and I-705, Tacoma is home to six world-class museums, the 23,000 seat Tacoma Dome indoor entertainment arena, an emerging food and nightlife scene, a complex network of hiking and biking trails, vast natural areas including the 760-acre Point Defiance Park and easy access to kayaking and fishing along the Ruston Way Waterfront.
In the coming weeks, the Company will make available to interested investors a Prospectus containing important information about this offering, including risk factors, which should be reviewed carefully. Investors will be required to provide supporting documents proving that they are accredited investors.
This is a private placement of securities. Securities sold through private placements are restricted and not publicly traded. Members of the Company may not be able to sell their membership interest even if a need for personal funds arises. Investors are purchasing a membership interest in Elks Temple Properties LLC, not a direct interest in real property.
Information regarding documentation required to confirm accredited investor status and the Offering Circular are available in the Materials for Download.