An update on a Tumwater restaurant, and a new owner for an Olympia shopping destination
The owner of Falls Terrace, an iconic restaurant that overlooks the Deschutes River waterfalls at the former Olympia brewery in Tumwater, has provided a short update about the longtime business.
Falls Terrace has been closed during the pandemic and residents in the area have reached out to The Olympian often about its status.
In brief comments this week, owner Daniel Vavrinec said he is doing repairs on the business, but he also has had supply chain problems — a challenge faced by many businesses during the pandemic — and he can’t predict a date when the business might reopen.
Other business happenings
Capital Mall has a new owner, according to the mall website, which now shows that the mall is a Pacific Retail property.
The Olympian, citing a Wall Street Journal story, reported in fall 2020 that the mall could be getting a new owner. Starwood Capital Group had lost control of seven mall properties, including the west Olympia location.
The Journal reported that the loss of the malls is related to bonds Starwood issued in Israel and defaulted on during the spring. When a local ratings firm downgraded the debt, it triggered an accelerated payment clause that also enabled the bondholders to seize control of the assets.
A partnership between Pacific Retail Capital Partners, based in El Segundo, Calif., and New York-based real-estate investment group Golden East Investors won a bidding contest among six parties to take over the malls, according to the newspaper. It appears that Pacific Retail has taken over Capital Mall.
A new bed and breakfast is being explored in Tumwater, according to city information.
The owner of property at 7325 Henderson Court SE seeks to re-classify an existing structure, separate from the residence, as a bed and breakfast, according to the city.
A gas station is under construction to serve the QFC store in Lacey at 4775 Whitman Lane SE, near Yelm Highway, according to a check of the property.
If you know of a retailer, restaurant, coffee shop or other business that is opening, closing, expanding, remodeling, or changing its focus, send an email to reporter Rolf Boone at rboone@theolympian.com.
This story was originally published June 3, 2022 at 5:45 AM with the headline "An update on a Tumwater restaurant, and a new owner for an Olympia shopping destination."
