Port considering option agreement for 130 acres of land near Olympia Regional Airport
The Port of Olympia commission is considering a new option agreement for 130 acres of land southeast of the Olympia Regional Airport, according to Monday’s commission meeting agenda.
The topic was listed as an advisory item, meaning it’s up for discussion but not a vote. The agenda shows it’s set for a commission vote on May 9.
“After some marketing and networking efforts, port staff was approached by a highly regarded developer with interest in the area on the southeast portion of the Olympia Airport,” the agenda reads.
The developer CRG is a “developer of industrial, office, residential, and mixed-use projects throughout North America,” according to its website. The developer’s primary offices are in Chicago and St. Louis, but it also has a regional office in Marysville, according to the site.
The port agenda materials show CRG is “developing a Costco facility in Tumwater.”
The option agreement with CRG is using “the Panattoni option” as a template, according to the agenda materials.
The port signed an option agreement with Panattoni in July 2020, giving the developer the right to explore development of a 200-acre parcel in Tumwater that also is part of the port’s New Market Industrial Campus. The 130-acre parcel, which is closer to Old Highway 99, is part of the same campus.
Panattoni has since explored two potential warehouses on the site.
The option period for CRG would be 10 years. It would pay the port $232,000 per year for all 130 acres, according to the agenda materials.
The port commission, which is now meeting in person, was set to meet at 5:30 p.m. Monday at 626 Columbia St. NW, Suite 1-B, Olympia.
This story was originally published April 24, 2022 at 5:03 PM.
