TACOMA, WA-With demolition and site preparation complete, the City Council is set to vote on a proposed $63.2 million construction agreement with M.A. Mortenson Co. for the Tacoma Convention and Trade Center.

Last November, city officials OK’d a $3.1 million agreement with Mortenson for building removal and site preparation for convention center. The Council approved the $120.7 million Greater TacomaConvention Center and downtown parking system expansion financing plan last July.

Funding for the project comes from future revenues-hotel-motel tax and parking fees-generated by the center and expanded parking system. In addition, a state-authorized sales tax collected in Tacoma, Lakewood, University Place, Fife and Pierce County specifically for convention center construction also contributes to the project. None of the revenues could pay for General Fund services, such as police, fire, libraries or parks.

Opening in 2004, the 215,000-sf convention center will include a 50,000-sf exhibit hall, 23,000 sf of meeting and ballroom space at South 15th and 17th streets between Market and Commerce streets. The project also calls for 650 parking stalls, and includes the private development of a hotel, retail and residential area. It is the largest city-led capital project, both in size and cost, since the Tacoma Dome was constructed 20some years ago.

Officials estimate the project will generate annual revenues of roughly $55 million. The city is planning a Nov. 1 groundbreaking ceremony.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.