Development proposed near Capitol Lake, and more about those Costco rumors
An Olympia landowner is set to meet with city officials next week to get feedback on a development proposal with a twist.
Sean Threatt owns about 4 acres of land along Deschutes Parkway — land that was recently occupied by a homeless encampment near the Fifth Avenue Bridge. Threatt has a vision for a mixed-use development on the site, featuring both retail and housing. The twist is, he also envisions a fee or tax that could generate revenue by the development that would go toward drug rehabilitation and mental health services.
Threatt will meet with the city’s site plan review committee on Nov. 30. He is interested in developing four-plexes on the moderate density-zoned site, but he said this week that’s just a prelude to a larger conversation he wants to have about higher density housing and commercial uses on the site.
As for the proposed tax or fee associated with the development, he thought of the idea after meeting with the residents who camped there. The experience changed him, he said.
“I realized this specific demographic is in dire need of drug rehabilitation and mental health services,” he said. “There’s no chance for them on their own.”
Threatt expects there will be some resistance to the development proposal itself, and it likely would mean he will have to get the property rezoned, but perhaps the community can get behind the idea of a tax or fee to help those in need, he said.
The site plan review committee, which provides feedback on what will be required of new developments, meets at 9 a.m. Nov. 30. The online meeting is open to the public.
Other business happenings
Last week, The Olympian tried to add some clarity to social media-driven rumors about Costco in Tumwater. This much we know: a new Costco distribution center is set to open at 2311 93rd Ave. SW.
But it also sounds like a new Costco store in Tumwater is possible, said Re/Max Parkside Affiliates commercial real estate broker Tom Schrader this week.
Schrader is representing the seller of a 54-acre parcel off Tumwater Boulevard, located between Littlerock Road and I-5, that Costco had under contract for 14 months, he said. The property is listed for about $20 million, Schrader said.
Costco is no longer under contract for that site because of some off-site cost concerns, but Schrader added: “They’re not at the table, but they are still in the room,” he said.
And if Costco isn’t interested, the seller has received three other offers, Schrader said.
The restaurant chain Pho Hoa is opening a new site in Olympia at 2615 Capital Mall Drive SW. The hours are 11 a.m. to 9 p.m. daily.
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 November 25, 2022 at 5:00 AM with the headline "Development proposed near Capitol Lake, and more about those Costco rumors."
