Tacoma Urbanist

Nov. 14, 2007 at 9:16am

City Council Approves Luzon Loan

Good news for historic building supporters.

Last night the Tacoma City Council approved a loan to the Gintz Group to start the restoration of the Luzon.  Given the cost of renovation, the help from the city was very small.  However, hopefully enough to show some support.  The work is anticipated to start in June.  With the roof and the floors of the building caved in already, we hope that the date is soon enough to save the building.

The Luzon has had so many false starts.  Let's hope this renovation effort will actually come through.

Start your own winery in Tacoma

The City Council also approved a change in zoning which will allow micro wineries to be in nearly any mixed use center with certain restrictions.

Photo courtesy of http://www.kevinfreitas.net/

 

comments [3]  |  posted under downtown, luzon, tacoma, washington

Comments

by Brotha E. on 11/14/2007 @ 12:26pm
So let me get this straight.
The city is loaning Gintz group money with 0 % interest to be paid back in 18 mos but in exchange the COT is to get 50% of the profits and Gintz is taking all of the risk if there are cost overruns? So what is the city's estimated take ($)? Or does it even matter to them?

by Erik on 11/14/2007 @ 1:10pm
..but in exchange the COT is to get 50% of the profits and Gintz is taking all of the risk if there are cost overruns?

Yes. Who knows what the estimated profit is. Given what a white elephant the building is, there likely will not be any. Every contractor and investor who has looked at it in the last 20 years has passed on it. Much cheaper to knock down or let it fall down.

by Brotha E. on 11/14/2007 @ 2:21pm
Yeah, thats what I suspected but just had to ask. Its still worthwhile to loan them the money though if it will save the building. I just don't like hidden agenda's!