There’s a giant crane on Martin Way East in Lacey. What’s going on?
A Lacey Planning Commissioner asked a question this week that might be on the minds of many: What is happening to that giant crane on Martin Way East?
The crane, the kind usually associated with skyscrapers, is in the 9100 block of Martin Way East and was part of a project called the Homes on Martin Way, a mixed-use development with ground-floor retail and 96 apartments.
A check of the property on Thursday showed no activity. It was not immediately clear when work on the project stopped.
Lacey Planning Manager Ryan Andrews said the project ran out of money and that the developers are looking for a new owner.
“Our building department is on it, they’re already communicating with the property owner, and the crane is going to be leaving very soon,” Andrews said. “There’s some patching that they need to do to the street and buttoning up of that site to make sure that we get it stabilized before the wintertime.”
The Olympian wrote about the proposed project in 2020 and included comments from Olympia-based Thomas Architecture Studios, which was associated with the development at the time.
Owner and principal Ron Thomas said Thursday the development got caught in a financial bind created by higher interest rates. Just like the residential housing market, commercial real estate developers are adjusting to higher rates, higher costs and lenders requiring larger down payments for loans, he said.
Often a developer will start a project with their own money with the expectation of securing a bank loan in the future, Thomas said. The Olympian could not reach the developer to learn more on Thursday.
So, is this the end for that development? Maybe not.
A building permit for the project was issued in August 2023 and the permit was granted an extension until Jan. 31, 2025, according to city information.
This story was originally published July 26, 2024 at 5:00 AM.
