Chris Burdett, a hotel broker with the Seattle's hotel division of Colliers International, is assisting Opus in its search for either a chain or individual that would develop and operate a 150- to 200-room limited service hotel on a portion of the 1.15-acre site. Opus' expectation is that the hotel would catalyze its office and retail project. At this point, Opus is in the midst of researching the financial feasibility of such a project.

Says Burdett of the type of hotel envisioned, "It would be a mid-scale product like a Hilton Garden Inn or Courtyard--not a full service hotel like a Marriott or Westin. The reason is you can't get the rate out of concrete and steel (of which this project would be constructed. Full-service hotels need to be wood construction. "While Burdett was not at liberty to divulge names, he says discussions have been taking place with a number of potential hotel developers.

Before any development plans can be moved forward, Opus needs to consummate on its option to buy the 1.15-acre site on Pacific Avenue, between S 13th and S 15th Streets, which is owned by Pierce County. It is the City of Tacoma, under a joint agreement with the county, spearheading the sales and development efforts on the property. Thus far, Opus has been granted several months' worth of extensions, the most recent being a 90-day extension, which will run through the end of August.