Pope Resources announced that its real estate subsidiary, Olympic Property Group (OPG), has signed a definitive purchase and sale agreement with Costco Wholesale Corporation. Costco will acquire nearly 20 acres within the city limits of Gig Harbor for development of a future store site, expected to open in the next 18 months. The transaction is expected to close sometime between the third quarter of 2004 and the second quarter of 2005, depending upon various permit processing timelines.

This sale will launch OPG’s 320-acre project in Gig Harbor North – a retail community located just across the Kitsap/Pierce County line.

In addition to the Costco site, the OPG project will include additional retail development and 10 acres slated for use as a “village center” that will be characterized by smaller-scale, pedestrian-oriented retail uses. The balance of the 320-acre project will include 17 acres of business park, 45 acres of park and open space, and approximately 1,000 residential dwellings on the remaining 200 acres.

OPG has previously announced an agreement with the YMCA of Pierce County to sell 11 acres on the project for the construction of an 80,000 square foot full-service YMCA family branch.