Costco Adding Gig Harbor Store, Buying Seattle Property

ISSAQUAH, WA-Olympic Property Group, a subsidiary of Pope Resources, has agreed to sell 20 acres of its 320-acre Gig Harbor North development to locally based Costco Wholesale Corp. for a new store. Transactions and negotiations are expected to be complete in late 2004 and store is slated to open in mid 2005.

Gig Harbor North is located on Borgen Boulevard. In addition to Costco, YMCA of Pierce County has signed on to acquire 11 acres at Gig Harbor North for development of an 80,000-sf, full-service branch.

The rest of Gig Harbor North will include a 17-acre business park, 45 acres of park and open space, 1,000 homes, and substantial retail development including a 10-acre “village center” that will house smaller, pedestrian-friendly retail.