The Port of Seattle Commission today gave final approval to a lease for developing the 87-acre Des Moines Creek Business Park, which is projected to create over 1,600 new jobs. The approved ground lease is with Panattoni Development to construct up to two million square feet of development south of Seattle-Tacoma International Airport with a combination of airport-related commercial and light industrial uses.
“Creating new jobs in Des Moines and South King County is both vital and a great thing. This is a good example of the Port partnering with our neighboring cities to stimulate economic growth and job creation,” said Port of Seattle Commissioner Tom Albro.
The estimated $100 to 125 million project will be built in several phases over seven years, to include flexible-use, manufacturing, office, distribution and industrial business park buildings to accommodate tenants that benefit from immediate proximity to Sea-Tac Airport including freight, avionics manufacturers and air cargo company offices.
“The City of Des Moines is extremely pleased that the agreement between the Port and Panattoni is completed and the project can now move on to the construction phase,” said Des Moines Mayor Dave Kaplan. “The port has been a great partner for over a decade as we worked together to develop the Des Moines Creek Business Park to bring family wage jobs and economic development to Des Moines.”
The project is expected to create 350 construction jobs and an estimated 1,600 permanent jobs in South King County. Panattoni will begin the 35-acre Phase I this summer.
“We’re working hard to ensure the vision of our project aligns with the Port’s mission and will provide commercial office support for its airport and seaport enterprises,” said Bart Brynestad, partner with Panattoni’s Seattle office. “This is an exciting project and we are looking forward to partnering with the Port of Seattle and City of Des Moines on this multi-year endeavor.”
The Des Moines Creek Business Park development is located south of Sea-Tac Airport, bounded by South 208th Street on the north, 24th Avenue South on the east, South 216th Street on the south, and on the west by a portion of Des Moines Creek Park.
About Panattoni Development Company, Inc.
Founded in 1986, Panattoni Development Company, Inc. is one of the largest commercial real estate development companies in the world having developed 175 million square feet of space globally. The Newport Beach-based company currently operates 28 offices in the United States, Canada, and Europe and has extensive experience in the development of in¬dustrial, office, retail, and mixed-use projects.
In Seattle, Panattoni has completed 64 buildings totaling 7.2 million square feet since 2003 and currently has over 1 million square feet in the pipeline. The Des Moines Creek project is marketed by Kidder Mathews of Seattle, represented by Chris Corr, Thad Mallory and Travis Stanaway.
Panattoni, a member of the U.S. Green Building Council, emphasizes creating sustainable projects that meet LEED (Leadership in Energy and Environmental Design) standards.
