Central Co-op is taking itself out of the running to become the anchor tenant for a mixed-use development at the Capitol Hill light-rail station.

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Central Co-op is taking itself out of the running to become the anchor tenant for a mixed-use development at the Capitol Hill light-rail station.

The co-op had encouraged its members and others in the community to support its efforts to become the anchor tenant.

At its annual members’ meeting Sunday evening, the co-op was expected to announce that it will no longer pursue that location. The developer’s most recent request for proposals specified a lease rate that was much higher than the co-op anticipated or was willing to spend, said Garland McQueen, the co-op’s interim CEO.

The co-op was also expected to announce it will start lease negotiations soon for a site in Tacoma in the hopes of reopening a location in that city by the end of the year. McQueen declined to disclose details before negotiations are final.

Last July, Central Co-op abruptly closed the Tacoma Food Co-op it had merged with only seven months earlier. It vowed then to reopen in a new location in the city, drawing opposition from some supporters of the former Tacoma Food Co-op.

The co-op’s board has approved the sale of preferred shares to co-op members in order to raise capital for the new Tacoma location and other locations that may become available, McQueen said.