Ariel Development partners Herzel Hazan and Shimon Mizrahi recently paid $6 million to acquire the old Rainier Brewery next to Interstate 5 and now plan to spend another $4 million preparing the 140,000 sf not occupied by the headquarters of Tully's Coffee Co. for use as artists lofts.

The company is currently seeking the necessary approvals for the project from the city's Department of Design Construction and Land Use. Mizrahi says about half the space will be offered up as apartment studios for artists. The remaining space likely will be dedicated for music rehearsals rooms and gallery space.

The project's first new tenant could be the Jam Box, which sublets rehearsal space to bands. Mizrahi confirmed for GlobeSt.com that the Seattle-based company has signed a letter of intent to lease space in the building, but declined to provide more detail, such as how much of the space Jam Box would be leasing.