Port of Seattle Announces Selection of Developer For 89 Acre Des Moines Creek Business Park

The Port of Seattle announced the selection of the developer for the Des Moines Creek Business Park project as Majestic Realty Co, a privately-held real estate development firm based in Southern California. The firm was chosen out of a field of 10 applicants to develop approximately 89 acres of property just south of Seattle-Tacoma International Airport with a combination of airport-related uses and a big-box anchor retail development.

"All of the proposals were of high quality and we were very pleased with the options presented to us," said Mark Reis, Managing Director of Seattle-Tacoma International Airport. "Majestic Realty's proposal is very responsive to the objectives of the City of Des Moines and the Port of Seattle for a business park that balances commercial and retail uses that will help grow the City's tax base and support growth in air cargo. Majestic's deep experience in developing airport-adjacent business parks is also expected to produce the greatest economic benefits for the project."

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.

"This project will create a dramatic gateway to the City of Des Moines," said Tony Piasecki, Des Moines City Manager. "At full build-out the project is expected to generate over 1,600 direct jobs and direct annual tax revenue of $10 million."

Majestic Realty's initial development budget for the project is estimated at $90 million. The development will include a big-box retail center as well as flexible-use business park buildings able to accommodate airport-adjacent tenants that need the immediate proximity to Sea-Tac Airport for their business (such as freight, avionics manufacturers, air cargo company offices, etc.).

"Our vision is to create a center for trade-related activity that advances the region's vitality," said Ed Konjoyan, Vice President of Majestic Realty. "We are pleased to be selected by the Port of Seattle for this exciting project."

Founded in 1948, Majestic Realty Co. is one of the nation's oldest and largest privately held real estate firms, with an office, retail and industrial portfolio totaling approximately 70 million square feet nationwide. The Southern California-based company is a diversified real estate developer specializing in the planning and development of premier master planned business parks and retail centers. Headquartered in City of Industry, California, Majestic Realty also has offices in Atlanta, Bethlehem, Dallas, Denver and Las Vegas.

Majestic will use the LEED (Leadership in Energy and Environmental Design) Green Building Rating System as a performance standard for designing the entire project. This will include incorporating over nine acres of surrounding wetlands, or more than 10 percent of the total property.

The Port of Seattle will be entering into exclusive negotiations for a long-term ground lease with Majestic which will be brought to the Port of Seattle Commission for final approval.

The build-out of the project is expected to be in three phases over five years, with ground breaking for the first phase as soon as the summer of 2009.