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HomeMy WebLinkAbout2023.03.21 Potential Aquatics Facility Locations - Discussion at PPFD Mtg Broadmoor Development @ Road 108 Lot 19 Broadmoor Development @ Road 108 Lot 22 LifeQuest @ Road 68 Youngs @ Chapel Hill Lynnwood Snohomish Acreage 6 acres+ 6 acres+ 4.61 acres 3.9 acres 4.6 acres estimated 5.2 acres 2 acres overflow 5 unused estimated I-182 Access & Visibility Road 100 Limited Road 100 Primary: westbound Secondary: eastbound Road 68 Primary: westbound Secondary: eastbound Road 100 Primary: eastbound Secondary: westbound Nearby Amenities TBD –future restaurants, shopping, community center hub in Broadmoor MP TBD – future restaurants, shopping, community center hub in Broadmoor MP 3 hotels, various restaurants, shopping 1 hotel, various restaurants, Public Transportation TBD - BFT Bus Stop or Transfer Center likely TBD - BFT Bus Stop/Transfer Center nearby Bus Stop (0.2m) Bus Stop (0.3m) Design Standards Broadmoor Master Plan & I-182 Overlay Standards Broadmoor Master Plan & I-182 Overlay Standards I-182 Corridor Overlay Standards I-182 Corridor Overlay Standards Water & Sewer Infrastructure required Infrastructure required Water Unk Known Encumbrances Franklin County Irrigation Line, potential future ROW designations Zoning Mixed Use – zoning change may be required, – likely need special use permit Mixed Use – zoning change may be required, – likely need special use permit C-1, Retail Business District Zoning: R-3, Medium-Density Residential District – likely need special use permit 29 12 11 13 6 5 19 23 8 28 262425 27 20 21 30 22 3 2 1 4 10 JUST CLOSED MED-RESIDENTIAL 86.5 Total Acres FUTURE RESIDENTIAL 238.3 Total Acres MIXED USE 92.2 Total Acres HIGH-RESIDENTIAL 102.7 Total Acres COMMERCIAL 160.2 Total Acres COMMERCIAL & RESIDENTIAL PARCELS | 671 TOTAL ACRES | ACTIVELY GROWING MARKET BROADMOOR MASTER PLAN DEVELOPMENT OFFERING SUMMARY INVESTMENT OVERVIEW TRI-CITIES POPULATION GROWTH The offering is a 671-acre development site within the 1,600-acre Broadmoor Area Master Plan, which is situated in the geographical center of the Tri-Cities Metropolitan Statistical Area (MSA). This offering represents a once-in-a-lifetime opportunity to create the new epicenter of the Tri-Cities and greater Eastern Washington market. This long anticipated project brings to fruition years of joint planning and positioning alongside the City of Pasco. The project will feature a mix of high-end retail, mixed use, and multifamily, as well as single-family neighborhoods and recreational space. As the ultimate beneficiary, the City of Pasco is fully engaged in seeing this massive development come to fruition. It has partnered with property owners and put forward a TIF (Tax Increment Financing) package to fund nearly $40,000,000 of infrastructure improvements, including a new freeway interchange, roadway improvements and expansion of utility services. The Tri-Cities MSA is located at the convergence of the Yakima and Snake Rivers into the Columbia River. It has transformed from a small regional hub for the Columbia Basin into one of the most expansive markets in Washington. It now ranks as the 3rd largest metro in Washington State with a population of 312,050 residents. The rivers serve as the only visible division between the Tri-Cities of Richland, Pasco and Kennewick. Each municipality boast their own substantial growth statistics and when combined as a metro the population grew 34% in the past decade. Pasco leads the trio as it has the fastest growing population in the state. In addition, Pasco was ranked among the nation’s top ten fastest-growing cities in both population and businesses in a new “Boom Town” study performed by online financial technology company SmartAsset. The study cited that during the period between 2015 and 2020, the population grew by 17% and business grew by 18%. The Tri-Cities also boasts a robust and rapidly growing economy with the most highly educated population, and fastest growing workforce, in the state. Driven largely by R&D technology, manufacturing, health care and food processing, the area has seen significant job growth in recent years. In 2019, the Tri-Cities ranked as one of the highest job growth markets in the state of Washington with a 5-year employment increase of 18.3%. In 2019, the annual job growth rate was 1.13%. In 2010, a study by Garner Economics ranked the Tri-Cities #1 among the nation’s 372 metropolitan areas for employment growth, with 5.4% growth over its earlier peak. The Hanford clean-up project is a major contributor to the presence of a highly-skilled and educated workforce. Backed by the federal government, the project’s annual budget exceeds $2.4 billion and is expected to continue through the year 2065. Thus, companies such as Bechtel National, CH2M and Pacific Northwest National Laboratory make up some of the Tri-Cities’ major employers. Pacific Northwest National Laboratory is one of the United States Department of Energy’s national laboratories, which performs over $1 billion in research annually. Supplementing the region’s skilled workforce, the Tri-Cities is home to Columbia Basin College and Washington State University Tri-Cities, with enrollment of 11,243 and 1,937 students, respectively. YEAR % CHANGE CITY 2000 2010 2021 2000-2021 Kennewick 54,751 73,917 86,213 57.46% Pasco 32,066 59,781 77,114 140.49% Richland 38,708 48,058 58,863 52.07% All Other Jurisdictions 66,297 71,584 83,148 25.42% Total Tri-Cities MSA 191,822 253,340 305,338 59.18% Source: Washington State Office of Financial Management, Forecasting and Research Division NEARBY EMPLOYMENT DEVELOPMENTS • Two 1-million SF Distribution Centers • 3,000 New Jobs Expected Amazon Distribution Centers • 400,000 SF Building at Port of Pasco Industrial Park • Largest Facility of its Kind in North American • $500 Million Project • 1,000 New Jobs Expected Reser's Processing Plant • 250,000 SF Building at Port of Pasco Industrial Park • 40 Acre Site Darigold Facility Tri-Cities Airport • 86 acres, total. • Three runways • The largest airport in the Southeastern Washington and Northeastern Oregon region with connections to eleven major hubs Broadmoor TIF (Tax Incentive Financing) In recognition of the importance and opportunity the Broadmoor Development will create, the City Council of Pasco voted in November 2022 to be the first city in Washington State to engage in a Tax Increment Financing (TIF) package. The package totals approximately $39 million which will enable the City of Pasco to finance the first round of major infrastructure improvements. The city will begin issuing bonds for the project in June 2023. Work is scheduled to begin in February 2023 and to be completed by December 2023. The scope of the infrastructure work will include a reconfiguration of the I-182/Road 100 Interchange, improvements to existing roads, the expansion of other roads, and the addition of new roads. All this work is in anticipation of the significant increase to traffic the site will generate. TRI-CITIES TOP EMPLOYERS INDUSTRY EMPLOYEES Battelle/Pacific Northwest National Laboratory Research & Development 4,500 Kadlec Regional Medical Center Health Services 3,532 Lamb Weston Food Processing 3,000 Bechtel National Engineering & Construction 2,943 Kennewick School District Education 2,336 Washington River Protection Solutions Environmental 2,129 Pasco School District Education 2,015 Mission Support Alliance, LLC Support Services 1,902 CH2M Environmental 1,682 Richland School District Education 1,500 Tyson Foods Food Processing 1,300 Trios Health Health Services 1,268 Energy Northwest Utilities 1,100 First Fruits Food Processing 920 Lourdes Health Network Health Services 804 Source: Tri-City Development Council NON-FARM EMPLOYMENT Financial Activities 4,300 3.6% Manufacturing 8,400 7.0% Construction 10,600 8.8% Leisure and Hospitality 12,100 10.1% Education and Health Services 18,900 15.8% Trade, Transportation, Utilities 20,600 17.2% Government 18,900 15.8% Professional and Business Services 21,700 18.1% Total Nonfarm 119,800 96.4% Source: Employment Security Department Washington State 2021 HOUSING MARKET Average Sold Price $407,599 Median Sold Price $378,000 Number of Households Sold 4,984 Total Household Increase Since 2000 80.6% Source: Tri-cities Association of Realtors, 2021 OFFERING SUMMARY REGION DEMOGRAPHICS // HIGHLIGHTS 124,228 Total Population Within 5-Mile Radius GENDER 49.42% 50.58% $105,209 Average Household Income within 5-Mile Radius 135,546 Projected 2026 Total Population (5-Mile Radius) 52,777 Total Households (5-Mile Radius) $408,400 Average Housing Value In Pasco, WA EXCLUSIVELY LISTED BY: TIMOTHY UFKES Senior Vice President Investments SEATTLE Tel: (206) 826-5693 Fax: (206) 826-5710 timothy.ufkes@marcusmillichap.com License: WA 13506 RICH DAY First Vice President Investments SEATTLE Tel: (206) 826-5814 Fax: (206) 826-5710 rich.day@marcusmillichap.com License: WA 110473 The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. Activity ID: Y0110643 AUSTIN CRAWFORD Associate SEATTLE Tel: (509) 531-4252 Fax: (206) 826-5710 austin.crawford@marcusmillichap.com License: WA 21030679 Proposed Pasco Aquatic Center Location Chapel Hill Blvd. Owned by Gage Properties, LLC Aquatic Center Location details ●Unparalleled visibility from I-182 ●A two minute drive from I 182 east or west bound ●Central Tri-Cities location Aquatic Center Location details ●3.9 Acre primary site (with possible 1 acre easement from Franklin Irrigation District). ●Surrounded by commercially zoned vacant land primed for future growth. Franklin Irrigation Easement ●Gage Properties site is 3.9 acres, outlined in yellow ●Franklin County Irrigation District owns an additional 1 acre parcel adjacent and directly south, outlined in red. ●Additional Franklin Irrigation land may accommodate site access and additional parking. ●FCID has expressed a willingness to grant this easement for a municipality. Possible Future Overpass Connection The City of Pasco informed us that there is a possible plan to construct an overpass near this location (in the next 10-20 years). At this point in time the City is unsure how this overpass will affect the site. It is anticipated that in the next 2 months, they will be more confident in the final location. Gage Properties LLC / Robert Young & Associates -History ●Gage Properties is a subsidiary of Robert Young & Associates -a family owned real estate development group based in the Tri-Cities. ●Robert Young & Associates has been focused on building and managing quality apartment communities and giving back to the community since 1962 . ●We would be honored to play a role in this important Tri-Cities community project. ●Thank you!