By Mark Stiles, June 14, 2013, Puget Sound Business Journal
Port of Seattle officials announced Friday that they’ve selected Panattoni, a privately held real estate company, to develop the 87-acre Des Moines Creek Business Park south of Seattle-Tacoma International Airport.
The project, which could cost up to $125 million and create 1,000 jobs, “is the most important single economic development project in the city’s 55-year history,” Des Moines Mayor Dave Kaplan said.
The site was a residential neighborhood until the port began buying out homeowners in the late 1980s as part of a program to mitigate jet noise. Two previous plans to develop the site near South 208th Street and 24th Avenue South fell through.
Panattoni is planning to build up to 2 million square feet of manufacturing, distribution and office buildings for companies that want to be near the airport. The project is expected to be built in phases over seven years, with construction beginning as soon as the summer of 2014.
Panattoni is a global company headquartered in Newport Beach, Calif., and has a Seattle area office. The company beat out four other companies for the right to develop the business park.
The port, which operates Sea-Tac, will enter into exclusive negotiations for a long-term ground lease with Panattoni. That deal will be brought to the Port of Seattle Commission for approval.
Five years ago, the port picked Majestic Realty of Southern California to develop a big-box retail center and other commercial space at Des Moines Creek Business Park, but the plan was shelved at the start of the Great Recession. Last year, Bellevue-based Benaroya Co., was going to develop a large facility on the site for Puget Sound Energy, but PSE later decided not to consolidate operations in Des Moines.