| Pope Resources, the largest land owner in Kitsap County and the owner of a 320-acre property at Gig Harbor North, announced it closed on its sale of 17 acres to Costco Wholesale Corp. Officials have been tight-lipped about the deal in the last few months, but discussions about the planned Gig Harbor Costco have been in the works for several years.
Costco will be the anchor tenant in a retail complex that will occupy a total of 24 acres. The company plans to start construction in early spring, with completion estimated by fall 2007.
“Costco went through a lengthy review and design process with the city of Gig Harbor,” said Jon Rose, president of Pope Resources subsidiary Olympic Property Group. “I think people will agree it’s the most attractive Costco they’ve ever seen.”
The remaining retail area can accommodate smaller retailers and would be appropriate for smaller national chains, bookstores and restaurants, Rose said. About 7 acres that will be occupied by smaller retail pads is being sold to the Hogan family, which owns several commercial parcels in Gig Harbor. Two of those parcels, located in the west side of the city, also have retail campuses in the works. The remaining retail piece will be sold in bulk to another developer.
In addition to a commerce center, the Gig Harbor North OPG project, called Harbor Hill, will include residential areas, a business park, and a community campus, where the YMCA will be one of the facilities. The YMCA has been actively fund-raising for its new facility, with the goal to open by fall of 2007. A $6 million capital campaign continues to raise funds for the state-of-the-art facility, which will include weight rooms, a pool, a climbing wall, a teaching kitchen, a track, and other amenities.
“We thought putting a Y inside the project was pretty innovative and add attractiveness to the project, something the community would appreciate,” Rose said.
Pope Resources has owned its Gig Harbor property for 135 years, according to Rose, and has started working on it since the late 1980s. The first step was to annex it to the city Gig Harbor in 1997, followed by the construction of infrastructure including a road and a water tank.
Rose said the company is currently evaluating a model for the business park, which would house professional and medical offices. The 200 acres of residential land is currently not being planned, and partially hinges on the improvements required to the road infrastructure in Gig Harbor North. Triggered by plans to build a hospital in the area, the city of Gig Harbor conducted a traffic impact study that showed the Gig Harbor North area did not have adequate roads to accommodate traffic from the commercial activity.
Rose said with the new bridge and growing residential base, Gig Harbor will need more services and amenities. “The project is turning out more interesting than people conceived of during annexation. It will continue to show itself more important to the region,” he said. |
