First Industrial Realty Trust, Inc. has filed subdivision plans for the 260-acre parcel it recently purchased from Quadrant Homes for development of an office and business park. It will be marketed as First Park Northwest Landing.
The location surrounds DuPont’s golf course, and despite some zoning restrictions, its owners are not expecting to have any difficulty filling the lots.
“We’re expecting that this could become one of the premier business parks in the country,” said First Industrial Realty Trust Development Manager Wayne Reisenauer. “While there are some business parks with views or with waterfronts, there are no business parks with as many amenities as this one.”
The site surrounds the golf course and overlooks the Puget Sound, with views of Mount Rainier and the Olympic Mountains. The Chicago-based development firm has just submitted its plans for some 140 lots – with the bluff area marketed for office and technology uses, interior portions around the golf course are being primed for professional offices and other areas for light manufacturing and warehouse uses – that would be developed in the next seven to eight years. There are some provisions for ancillary retail services, which could include small eateries or office supply stores. Retail needs will most likely be determined by tenants and will be the done during the final stages of development, Reisenauer said.
While the 260-acre property would likely be ideal for housing, because of contamination issues from the former powder works plant, Quadrant officials lobbied for zoning restrictions that would keep homes away from the areas surrounding the golf course.
Quadrant also sold some 40 acres of the site to the Nisqually Indian Tribe. Although tribal officials were unavailable for comment, Quadrant Development Manager David Renaud said initial discussions indicate the tribe is looking to build a meeting house on the property.
“Part of the purchase and sales agreement is the zoning limitations. There won’t be a casino on that site,” he said.
The above posted story is reprinted with permission from the Business Examiner.