Developer plans to build a complex of more than 500 apartments in Lacey
One of the largest apartment projects in Thurston County is in the works for Lacey, the developer told The Olympian on Monday.
Representatives of The Calida Group, a Las Vegas-based developer of multifamily real estate, already have met with city officials about what will be required of the project.
The next step is to submit a land-use application for what is expected to be 552 market-rate apartments, spread across 23 buildings, said Bill Hardt, The Calida Group’s development partner for the Northwest.
The Calida Group proposes to develop the project in two phases on about 30 acres of property off Britton Parkway Northeast. The site is north of the gravel pit on Britton Parkway and across from the Britton Place Apartments.
Hardt expects the developer to make the proposal official this fall, followed by construction in 2022 and an opening date in 2023, he said.
Lacey senior planner Sarah Schelling confirmed the preliminary discussion about the proposal.
Although The Calida Group has developed 24,000 apartment units throughout the West, this is their first project here.
Hardt said there is demand for apartments.
“We see it in the Northwest,” he said, adding that people are migrating to the suburbs to escape what he called the “unbelievable expense” of buying a home.
“They are looking for another housing option,” he said.
How expensive has it become to buy a single-family home? In King County last month, the median price was $871,000, according to Northwest Multiple Listing Service data. In Pierce County, it was $510,000, the data show. And in Thurston County, it was $465,000.
Hardt said the apartments will range from studios to three-bedroom units. Rents are still to be determined, he said.
Things The Calida Group likes about the site: It’s near Interstate 5, Joint Base Lewis-McChord and growth in northeast Lacey, Hardt said.
Significant apartment proposals also are in the works for Olympia and Tumwater.
West Bay Yards in Olympia is proposed to have 478 units, and in Tumwater, the developer of Tickner Farm near Black Hills High School, recently sought feedback from the city on 250 units.
This story was originally published August 10, 2021 at 5:45 AM.
