The Olympian

Builder shows his vision of skyline

Tri Vo asks for help at open house to realize his waterfront plans

By Jim Szymanski | The Olympian • Published May 07, 2008

• Documents

South Sound builder Tri Vo told developers, real estate agents, elected officials and others Tuesday that he needs their support for his controversial downtown condominium, office and retail project known as Pearlwater at Larida Passage.

"We cannot do it alone; we need all of you," Vo told about 115 people at an invitation-only afternoon "open house" about the project at Tumwater Valley Lodge. He urged the largely pro-development crowd to write letters of support to The Olympian and left note cards on their windshields inviting them to a June 24 Olympia Planning Commission public hearing that will help decide Vo's request for a rezoning to make the project possible.

"This is a big moment in the history of Olympia," Vo said about the project, proposed for the strip of land between Budd Inlet and Capitol Lake. He noted that nearly all of the housing downtown is subsidized or geared toward low-income renters. "Part of this vision is for market-rate housing. Who could argue there is not a need for that?"

Vo envisions:

• Two buildings, one five or six stories, the other seven or eight stories.

• 141 condos that could cost $800,000 to $1.2 million each.

• Parking for up to 513 vehicles, surrounded by 42,400 square feet of retail space and 24,800 square feet of office space.

Because the project is not fully designed, Vo said he has no firm cost estimate.

Deanna Sihon, vice president of consulting for Bothell-based New Home Trends, told the audience that Olympia needs new downtown housing to capture mature homeowners looking to sell their suburban homes to downsize into condos.

With expected household incomes of $100,000 a year, such buyers would improve the health of downtown's retail core, she said.

"We need to create something that will bring them to downtown," Sihon said. "There is a demand for it; people want it."

Vo says that to build the project, he needs the city to rezone the property to relax height limits. The City Council expects to decide on the request before the end of the year.

Opponents of the request prefer shorter buildings and preserving open space and public access to the isthmus between downtown and West Bay.

Former Olympia Mayor Bob Jacobs, a member of a community group known as Friends of the Waterfront, said a rezoning would allow developers to "put this wall up along the water," blocking views of the Capitol, Mount Rainier, Budd Inlet and downtown.

"Why doesn't this rich guy (Vo) donate this land for a park and name it after himself?" Jacobs said. "This is really a bad idea for more reasons than a short conversation could possibly cover."

The people Vo invited to the open house generally supported his project.

"I'm supportive because I think we need infill downtown," said Sarah Smyth McIntosh, the owner/developer of Smyth Landing condominiums on West Bay Drive.

Gary Marx, a Realtor with Van Dorm Realty, thinks Vo's project would enliven downtown with new shoppers and shopping opportunities.

"I think this would be a gem for the city," Marx said. "Tri Vo has a vision, and he's trying to do the project the right way."