But that's not the official word on the phased development. Immunex spokeswoman Cathy Keck Anderson says the company "has not announced the scope of the project we are building at this time, or the completion date." Those details and others will be announced at the ground-breaking to be held at the site Jan. 23.

Terminal 88 and Pier 89 form a peninsula, which is separated from Lower Queen Anne by extensive railroad tracks. Until now, the site has been land-locked. However, as an inducement to build, the City and Port of Seattle are building a new Interstate 5 off ramp, which will carry traffic over the tracks to the Immunex campus. The reported cost for the access project is between $15 million and $19 million.

Immunex pieced together its 29-acres through a number of purchases. In one acquisition this past fall, the company acquired 6.4 of acres from Colorado investor and developer Chuck Walthen for a reported $20.3 million. A partnership of Walthen's had purchased the property less than six months earlier for a mere $12.25 million, according to King County property records. Also in the third quarter, Immunex purchased 1.9 acres from Seattle Filmworks for $7.25 million.