JOHN HERBERT: SIRIUS ESTATE GROUP PULLS OUT >>>

Dan Voelpel reports on The News Tribune's Biz Buzz blog that Sirius Estate Group will not purchase the the historic Tacoma Elks Temple that sits at 565 Broadway. They pulled out due to financial reasons.

Sirius announced its intention to explore options to purchase (…sorry, that’s how real estate people talk…) the building from owners Williams & Dame, a Portland-based developer that purchased the building last year. Williams & Dame put the troubled building back on the market recently, with officials citing financing troubles.

I still think Sirius will trumpet plans to move forward with the project, with a shocking surprise twist. Sirius will reveal plans to renovate the Elks Temple as a transportation hub and office complex. Adjacent lots included in the deal will house a six-story apartment complex, intended to house former residents of the Winthrop Apartments, and a new Tacoma Police substation.

“We needed a well-financed California developer and a local powerhouse to help distribute the risk on this project,” Sirius officials will announce. “This partnership will put most of the ‘bus people’ and ‘Winthrop people’ in one location, with Tacoma law enforcement as neighbors.”

Sirius also will unveil a study indicating that the plan will result in a 59 percent reduction in ‘ickiness’ and ‘tomfoolery’ downtown.

Just saying.

LINK: The Biz Buzz