Olympia ends agreement with Romano Capital for Boulevard Road housing development
City officials announced late Friday they have ended an agreement with investment company Romano Capital after making plans with the company to develop a 10-acre property located at 3900 Boulevard Road SE.
The city entered into the agreement with Romano Capital last July with the plan to build multifamily units and townhomes for mostly middle-income working families. The plan would have also brought a neighborhood-commercial element to the area. The parcel was subsequently rezoned to residential multifamily, which allows up to 18 units per acre.
The proposal from Romano Capital sought to build 60 townhomes and 120 apartments spread over six buildings of two and three stories. The project included a 14,000-square-foot “neighborhood center” of commercial space, 370 parking spots, and several green spaces.
Community engagement and outreach were part of the steps the developer was supposed to go through when planning the build, according to the city’s announcement.
Mike Reid, economic development director for the city, said that after the developer drew up concepts for the build, costs started to pile up higher than expected, and the company worried they wouldn’t be able to manage the project.
“The due diligence didn’t pan out,” Reid said. “They looked at the site and what they were trying to do and could not achieve what they were proposing.”
The city still plans to build affordable housing with a new developer on the 10 acres of land, which is situated next to LBA Woods, purchased by the city in 2016 for protection. The woods were originally slated for a major housing development before the city purchased the total 146 acres.
More information, as well as concepts for developing the land, can be found on the City of Olympia’s website.
.jpg)