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- 141 upscale condominiums
- 42,400 sf of retail space
- 24,800 sf of office space
Center of downtown, City of Olympia, two blocks between 4th and 5th Ave. Olympia is the State of Washington’s scenic Capitol City, with a population of 50,000 people. Tourists from all over the region visit the state Capitol Campus and its monuments. Located on the shores of Puget Sound and Capitol Lake, with views of the Olympic Mountains and Mount Rainier, Olympia is the historic and cultural center of southern Puget Sound. The Evergreen State College, South Puget Sound Community College and St. Martin's University are located here, which along with State Government, create a stable and prosperous local economy. Olympia has made huge investments in parks and transportation amenities and Larida Passage will build upon these existing assets to create a first-class mixed-use development.
Total retail & leisure market sales of $3 billion within a 20-minute drive time, growing at 5.7% annually.
Olympia is centrally located within the Seattle - Portland metropolitan corridor with its 6.8 million residents. The site’s trade area features a population of nearly 200,000, with an annual growth rate of 1.21% and a projected median household income (2010) of more than $70,000. This is an area of young, well-educated people, with an average age of 35.6 years and 49% of the population holding a college degree.
PearlWater at Larida Passage will bring 141 upscale condominiums, first class shops, offices, and pedestrian walkways to downtown Olympia.
There will be 42,400 SF of retail, 24,800 SF of office, 141 residential units, and 513 structured parking places on 2.34 acres in the heart of downtown Olympia.
This project will fullfill a high demand for upscale, market rate condominiums in downtown Olympia and have a sizeable economic impact on the city, generating $217 million in one-time revenues, and $78 million in recurring annual sales. According to recent research, there is a pent-up market for urban living choices in the Olympia area, and Larida Passage will meet that demand as it sets the standard for good urban and environmental design.
Current Project Status:
LARIDA PASSAGE IS VESTED!
Capital Shores Investments, LLC, in the interest of moving the Larida Passage development forward, submitted a Binding Site Plan application to the City of Olympia on October 21, 2009. The submittal meets all city requirements and reflects the design guidelines and height restrictions specified by the Urban Waterfront – Housing (UW-H) District zoning code and the public amenity requirements or ‘mitigations’ for the district specified within Ordinance #6595; the shoreline portion of the project has vested under the existing 35 foot height restriction.
The talented architectural team at BCRA has created a beautiful, inspiring and modern building that we confidently believe will exceed community expectations for good design, offer increased waterfront access and viewing opportunities for the public, and increase the economic and social vitality of our downtown with new shops, customers and offices. For residents, PearlWater at Larida Passage will be a great place to live!
Tri Vo, President of Capital Shores Investments, LLC, and the local development company, Triway Enterprises, said, “I am pleased that all our hard work over the past four years has culminated with a fantastic project that meets the city’s goals and vision for downtown.”
Larida Passage will serve as a catalyst for the creation of a downtown market-rate housing district. Market studies over the past decade have all concluded that a pioneer housing project located on a high-amenity site in the downtown will successfully prove the housing market and alleviate risk for future housing developments. Presently, over 95% of downtown residences are subsidized and/or low-income.
Larida Passage will bring 1.3 million dollars in one-time tax revenues to the city and over $300,000 in annual tax revenues. Residents will, on average, spend $30,000 yearly (4.2 million dollars) supporting downtown businesses.
City Life. It's there for the taking.
Imagine a residential and commercial hub that brings new life into Olympia's downtown! Olympia has an opportunity to have a new mixed-use development that many of you may be reading about in The Olympian. It's called Larida Passage, and Triway Enterprises is proposing to rezone 2.34 acres across from Bayview Market to allow for high-end residential condominiums and retail and office space.
Pearlwater at Larida Passage will breathe fresh air into living, working and playing in Washington's Capitol. Triway Enterprises envisions building 141 condominiums that will enjoy views of Capital Lake and Budd Inlet. Structured parking will serve the development, Heritage Park, Percival Landing and the western business district. On the street level, pedestrians will enjoy shops, a pedestrian plaza from 4th to 5th Avenues and a trail connection along the Deschutes Waterway. The building rendering has been created by Gail Merth, Senior Architect at BCRA, and WOW, what a stunning, first-class building design!
Visualize walking across the beautiful Friendship Bridge and into a stylish and contemporary active street life into the city center. We want our City to flourish, and we know that housing is the one important component that can deliver a successful business climate for our unique, local businesses, many of whom struggle in the present environment.