March 17, 2014, Highline Times
In the latest in a series of new large-scale projects in the City of Des Moines, on February 20th the City Council approved Panattoni Development Company’s proposed Master Plan for the 89-acre Des Moines Creek Business Park. “There is going to be hundreds of good paying jobs that will come out of this, and it will be good for the existing businesses and future businesses of Des Moines,” said Mayor Dave Kaplan. The property is owned by the Port of Seattle, which has completed negotiations for a long-term ground lease with Panattoni. The contract is scheduled to be brought to the Port of Seattle Commission for final approval this month.
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, and air cargo company offices). Their vision is to create a Class A business park positioned for large-scale users seeking proximity to the airport and seaport. The build-out of the project is expected to be in several phases over seven years, with ground breaking for the first phase in the spring of 2014.
In June 2013, the Port of Seattle announced that they had 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 through a Request for Proposal process lead by the Port, with participation by City staff. This project is part of the Port’s Century Agenda vision to grow the economic benefits of Sea-Tac Airport by tripling the volume of air cargo and expand opportunities for local businesses.
“We welcome prospective tenants to consider this terrific location, midway between two seaports, adjacent to the airport, and with easy freeway access. The City of Des Moines is truly business-friendly and has expedited the approval process for the project,” said Bart Brynestad, Principal at Panattoni’s Seattle office.