The estimated $90-million development is called the Des MoinesCreek Business Park. It lies within the City of Des Moines. Theundeveloped site is bound by South 208th Street on the north, 24thAvenue South on the east, South 216th Street on the south, and onthe west by a portion of Des Moines Creek Park.

|

The Port of Seattle will be entering into exclusive negotiationsfor a long-term ground lease with City of Industry, CA-basedMajestic that will require the approval of the Port of SeattleCommission. The Port's media officer Perry Cooper declined todisclose verbally the rent Majestic has proposed to pay andMajestic could not immediately be reached for comment.

|

A ground-breaking for the project is expected to occur in summer2009. The build-out of the project is expected to occur in threephases over five years. As part of the agreement, Majestic will usethe US Green Building Council's LEED rating system as a basis fordesigning the entire project, and will incorporate into the projectnine acres of wetlands.

|

City documents state that the retail component was added to thesite in response to retailers' interest in the site though nospecific retailers are mentioned. In addition, the Port says itowns additional properties around the Des Moines Creek BusinessPark site that may be included in future RFPs.Ten companiessubmitted proposals to the Port for the project. Mark Reis,Managing Director of Seattle-Tacoma International Airport saysMajestic's proposal was among the most responsive to City and Portobjectives, which are to help grow the City's tax base while alsosupporting growth in air cargo. Majestic's "deep" experience indeveloping airport-adjacent business parks also helped it rise tothe top of the list of candidates, Reis says.

|

The development will include a big-box retail center as well asflexible-use business park buildings able to accommodateairport-adjacent tenants that need the immediate proximity toSea-Tac Airport for their business (such as freight, avionicsmanufacturers, air cargo company offices, etc.). Des Moines citymanager Tony Piasecki says that at full build out the project isexpected to generate over 1,600 direct jobs and direct annual taxrevenue of $10 million.

|

Majestic is one of the nation's largest private developers, withupward of 70 million sf of holdings and a strong developmentpipeline. The company handles everything in-house with its ownarchitects, contractors and property managers.

|

Majestic started as a pure industrial developer and the productstill accounts for the majority of the company's developments. Itscurrent projects include a 1,000-acre industrial park a few milessouth of Denver International Airport, an 80-acre park in the LasVegas area and a 235-acre industrial park in Ontario, CA.

|

When its industrial projects resulted in unused parcels adjacentto the freeway--because industrial developments are typically setback from the road--the company began venturing into warehouseretail development. Eventually, it began buying up land exclusivelyfor retail developments, and also converted some of its industrialland holdings for retail development. It launched its most recentretail project in 2007, a 30-acre, 250,000-sf retail project inGeorgia's Cherokee County at Interstate 75 and State Route 92,which is northwest of Atlanta.

|

Majestic's chairman and chief executive, Edward P. Roski, Jr.,is perhaps better known as the co-owner of the Los Angeles LakersNBA franchise, the Los Angeles Kings NHL franchise and StaplesCenter in downtown Los Angeles. He's also in the hotel and gamingbusinesses, owning the Pacific Palms Resort in City of Industry andthe Silverton Casino Lodge in Las Vegas.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.