SEATTLE — Advancing its equitable recovery strategy, the Port of Seattle (POS) Commission today approved the ground lease of approximately 20-acres west of the already successful Des Moines Creek Business Park. The project, envisioned with the partnership of the City of Des Moines and Panattoni Development Company, prioritizes local jobs and sustainable development.
Project highlights include the ability to support an estimated 600+ full-time jobs, and sustainable design elements that protect local wetlands, improve the regional trail system, and replace impacted trees by a 3 for 1 ratio. The City of Des Moines will use its recently adopted urban forest plan (funded by the Port of Seattle) to identify where new trees will be planted under the guidance of the Urban Forest Plan.
The latest section, the Des Moines Creek-West project, adds to the nearly decade-long collaboration with the City beginning in 2014 that includes light-industrial logistics and distribution facilities along with the new FAA Regional Headquarters, most of which was also developed by Panattoni. In total, the overall developments are expected to bring in more than 4,000 jobs.
“This project adds to the Port’s commitment to an equitable recovery with development that supports jobs and improves habitat,” said Port of Seattle Commissioner Sam Cho. “The Port uses its property specifically to promote equitable recovery in our communities by helping to limit sprawl, attracting and retaining local businesses, and preserving jobs within King County. This project will not only have local economic benefits, it will also play a small role in relieving some of the immense, complex pressures on the global supply chain”
"The City is grateful for the partnership. This project is good for all parties, and we look forward to our continued partnership and success," said Des Moines Mayor Matt Mahoney.
About Panattoni Development Company
Panattoni Development Company, Inc. is one of the largest privately held, full-service real estate development companies throughout the United States, Canada, and Europe. Since inception, we have successfully developed more than 544 million square feet of industrial, office and retail space in more than 278 cities. Panattoni is proud to be the most active industrial developer in Washington State. Panattoni Seattle has 19 industrial projects – totaling 12.2 million SF – currently in development with another 11.8 million SF in the feasibility and due diligence phase. Over the past year, the Seattle office has been behind an impressive amount of new transactions: multiple land purchases, new leases, and over 1.1 million SF of building sales that continue to put Panattoni at the forefront of commercial development in the Pacific Northwest.
About the Port of Seattle
Founded in 1911 by a vote of the people as a special purpose government, the Port of Seattle’s mission is to promote economic opportunities and quality of life in the region by advancing trade, travel, commerce, and job creation in an equitable, accountable, and environmentally responsible manner.
The Port owns and operates Seattle-Tacoma International Airport (SEA), Fishermen’s Terminal — home of the North Pacific fishing fleet — and public marinas. The Port also owns two cruise ship terminals, a grain terminal, real estate assets, and marine cargo terminals through its partnership in the Northwest Seaport Alliance.
Port operations help support nearly 200,000 jobs and $7 billion in wages throughout the region. Over the next 15 years, the Port’s Century Agenda seeks to create an additional 100,000 jobs through economic growth while becoming the nation’s leading green and energy-efficient port. Learn more at the Port’s website.