Port of Seattle selects Developer for 87-acre Des Moines Creek Business Park
The Port of Seattle announced this week that it has selected a developer for the Des Moines Creek Business Park project – Panattoni Development Company, Inc., a privately-held real estate development firm headquartered in Newport Beach, California.
The firm was chosen from a field of four proposers to develop approximately 87 acres of Des Moines property south of Sea-Tac Airport with a combination of airport-related commercial and light industrial uses.
“I am delighted that Panattoni has been selected from a very competitive list of national real estate development firms to develop the Des Moines Creek Business Park beginning next year,” said Des Moines Mayor Dave Kaplan. “We are pleased that they have a strong local office, that their team will be local planners, engineers and contractors, and that they have a great reputation working with their host cities. This is the most important single economic development project in the City’s 55-year history, and the City pledges to do everything within its power to make this a wonderful community-defining, commercially successful project.”
The Des Moines Creek Business Park development is located south of Sea-Tac Airport, bounded by South 208th Street on the north, 24th Avenue South on the east, South 216th Street on the south, and on the west by a portion of Des Moines Creek Park.
Panattoni’s preliminary development budget for the project is estimated at $100-125 million. The development will include up to two million square feet of flexible-use, manufacturing, office, distribution and industrial business park buildings able to accommodate tenants that desire immediate proximity to Sea-Tac Airport for their business (such as freight, avionics manufacturers, air cargo company offices, etc.).
“We’re working with the City of Des Moines to create jobs and support economic vitality in the community,” said Port of Seattle Commission President Tom Albro. “This project is part of our Century Agenda vision to grow the economic benefits of Sea-Tac by tripling the volume of air cargo and expand opportunities for local businesses.”
“Our vision is to create a Class A business park that will be well-positioned for large-scale users seeking a close-in location to the airport and seaport,” added Bart Brynestad, partner with Panattoni’s Seattle office. “We are pleased to be selected by the Port of Seattle for this exciting project.”
The build-out of the project is expected to be in several phases over 7 years, with ground breaking for the first phase as soon as the summer of 2014.
Founded in 1986, Panattoni Development Company, Inc. is one of the largest commercial real estate development companies in the world having developed 175 million square feet of space globally. The Newport Beach-based company currently operates 28 offices in the United States, Canada, and Europe and has extensive experience in the development of in¬dustrial, office, retail, and mixed-use projects.
In Seattle, Panattoni has completed 64 buildings totaling 7.2 million square feet since 2003 and currently has over 1 million square feet in the pipeline. The Des Moines Creek project is being marketed by Kidder Mathews of Seattle, represented by Chris Corr, Thad Mallory and Travis Stanaway.
Panattoni is a member of the U.S. Green Building Council. The firm places particular emphasis on creating projects that meet LEED (Leadership in Energy and Environmental Design) standards.
The Port of Seattle will be entering into exclusive negotiations for a long-term ground lease with Panattoni which will be brought to the Port of Seattle Commission for final approval.