Another downtown Tacoma landmark is about to get a new lease on life—Hotel Olympus Apartments will provide housing for low-income senior citizens on the upper floors, with space for retail shops and restaurants below.

A grand opening was held last week at the property on Pacific Avenue, between Seventh and Ninth streets.

The basement and first floor have about 4,500 square feet each that’s available for commercial use, according to Terry Campbell, one of the developers. A local real estate firm will be signed to market the property.

He says the basement is ideal for a restaurant or nightclub but confides that investors have voiced concern over whether the area has enough nightlife to support such a venture.

The building is owned by M&M Olympus Hotel Limited Partnership. Campbell-Hogue & Associates Inc. of Bellevue is the real estate developer for the project.

“It was quite a building in its heyday,” Campbell-Hogue co-owner Campbell says of the Olympus. The basement restaurant was considered on of the city’s premier dining establishments in the 1920s.