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Yet Another Turn for Pacific Steps

TACOMA, WA-With dramatic changes in the real estate market since the dot-com bomb began flooding the office market, Opus Northwest has shifted its focus for Phase I of its proposed Pacific Steps project to hospitality and retail.

By Janet Parker | Updated on June 14, 2001

TACOMA, WA-A year ago, the Pacific Steps development by Opus Northwest was planned as 400,000 sf of office and retail in a pair of high rises to be constructed in two phases. Since, responding to significant shifts in the office market, the project has been downsized and right-sized a handful of times. Now on Opus’ planning board for Phase I is a 150- to 200-room limited-service hotel, and Phase II (still expected to be a mix of office and retail) has a wait-and-see status.

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.

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