The developer is Puget Western, the development arm of Puget Sound Energy. The project, known previously as Falls Crossing, was originally approved for 90 housing units and a small amount of office space. As altered last week, it now will comprise 125 housing units and 40,000 sf of retail space and be called Kimball Creek Village.
The 15-acre project, originally approved two years ago, is scheduled to break ground in the second quarter of 2004 and be completed one year later. Puget Western is expected to sell the development rights to the project once it receives all the necessary permits.
In September, in partnership with Bellevue-based developer Opus Northwest, Puget Western paid $11 million for the 52 acres not yet developed at the 89-acre Snoqualmie Ridge Business Park. The land is fully entitled and shovel-ready for 800,000 sf of office and research space. Cushman & Wakefield brokers Tom Bohman and Brian Toy, who brokered the sale for Quadrant, have the leasing assignment.
The Kimball Creek project is one of the first developments approved following the brokering of the Snoqualmie Preservation Initiative. The initiative protected about 3,500 acres of watershed north and south of Snoqualmie from development in exchange for allowing Weyerhaeuser to develop about 700 acres bordering its Snoqualmie Ridge development. In connection with the land deal, Puget Western sold 150 acres of forest across the river from Snoqualmie Falls to King County and the City of Snoqualmie and kept a 75-acre parcel outside of the watershed for development. It is part of that parcel that is becoming Kimball Creek.
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