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Located near the downtown along the shores of lower Budd Inlet in the Puget Sound, this property is conveniently located in the heart of the City of Olympia. The site is approximately 7.5 acres in size including tidelands and is situated along West Bay Drive on the western shore of Budd Inlet. In addition to its close proximity to the downtown, the site provides spectacular views of the Puget Sound, the State Capitol Building, Mt. Rainier, the Olympic Mountains, and local marinas. 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, St. Martins University are located here, and along with State Government, create a stable and prosperous local economy. Olympia has made huge investments in parks and transportation amenities and the West Bay Urban Waterfront project will build upon these existing assets to create a first-class mixed-use development. Total retail and leisure market sales of $3 billion within a 20-minute drive time, growing at 5.7% annually. The City of Olympia is 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. Summary: The subject property was rezoned in 2006 from Industrial to Urban Waterfront zoning. The Urban Waterfront zone allows for a variety of uses including, but not limited to, condominiums, office, retail, hotels, and many others. Triway Enterprises is working with a local architect to develop a mixed use project including condominium units, office space, shops and restaurants, and a shoreline park/plaza and trail that will connect to the 17 acre West Bay Park immediately south, which is currently being developed by the City of Olympia. This park will eventually continue around Budd Inlet to Percival Landing, one of the City of Olympia’s premier amenities. The subject property is another strategic acquisition for Triway Enterprises that complements two other key properties in the area, Larida Passage and Bellatorre, both owned by Triway Enterprises. Current Project Status: Triway Enterprises is currently pursuing a text amendment that would allow for a flexibility in number of floors within 65 foot high building. The code amendment will likely be heard by the Planning Commission and City Council by January of 2009. Upon resolution to the code amendment request, Triway Enterprises will submit to the City for building permit and design review. |
