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PORT OF RIDGEFIELD AGREES TO PURCHASE PROPERTY FOR DEVELOPMENT
4/29/2010 12:00:00 AM
For Immediate Release: April 29, 2010
PORT OF RIDGEFIELD AGREES TO PURCHASE PROPERTY FOR DEVELOPMENT
Yesterday the Port of Ridgefield Board of Commissioners voted unanimously, at their regularly scheduled public meeting, to approve purchase of the property at the southeast quadrant of Pioneer St. and S. 45th Ave., west of I-5. The purchase price of the property will be $4M spread out over the next 10 years. Of that, the seller has committed to reinvesting at least $1M into property within the port district within the next 24 months.
The parcel, 17 acres owned by Mr. Elie Kassab, will be combined with 13 adjacent acres owned by the port, into a single 30 acre plot of developable land. “This will be the first land the Port has purchased for investment purposes in some time…” said Brent Grening, Executive Director of the port. “…the sale of the Discovery Pointe property to SW Washington Health Systems in 2007 essentially exhausted our supply of land suited for development.”
Initial plans for the property call for preparation of the land and the installation of infrastructure, while marketing the site to similar businesses as those targeted for the Discovery Corridor. “We’ll be looking at research and development, technology, medical, higher education, and professional offices…” stated Randy Mueller, Director of Business Development at the port. “This property could make an ideal single-tenant corporate campus, college or university branch campus, or a multi-tenant office park similar to what you can see on Kruse Way in Lake Oswego. Those would be the kinds of end users we will be seeking.”
With the new Ridgefield interchange approaching completion, the site will have close, convenient freeway access, which is an important selling point according to port staff, who also see indications of economic recovery in the area. “The economy is slowly but steadily rebounding and new residential building is increasing. In fact this summer’s Parade of Homes will be held right across the street from this property. SW Washington Health Systems just signed a development agreement with the City of Ridgefield and is on track to begin development of their nearby Discovery Pointe property in the near future” said Grening. “And we are seeing much more interest in the area from developers and tenants” added Mueller.
“We all feel that the timing is right for this..,” said Port Commissioner Scott Hughes, “…land prices are reasonable and we are seeing positive indicators within the economy. It makes good investment sense to buy now, make improvements and be ready when opportunity knocks on the door. It’s a good investment for the port and the citizens of our district, new businesses mean more and better jobs.”
Maps/Graphics available on request
About the Port of Ridgefield
The Port of Ridgefield was formed in 1940 and is charged with bringing economic development to the greater Ridgefield area. The Port district covers approximately 57 square miles, represents over 15,000 constituents and is led by three elected commissioners: Joe Melroy, Bruce Wiseman, and Scott Hughes. The Port is currently evolved with the environmental cleanup and redevelopment of the Ridgefield waterfront, the Ridgefield I-5 interchange, Ridgefield rail overpass and other projects.
Public meetings are held the 2nd and 4th Wednesday of the month at Port offices located at 111 W Division St. Ridgefield WA. Meetings start at 10:00 AM. The public is welcome and encouraged to attend. For more information about the Port, visit www.portridgefield.org or:
Contact: Michael Williams
Marketing & Communications Manager
360.887.3873
mwilliams@portridgefield.org