Boeing Putting 46-Acre Parcel Up for Sale

RENTON, WA-Boeing has placed the first chunk of surplus land at its 280-acre plant here on the market. Located at the south end of the plant, the 46-acre site is expected to draw strong interest due to its access to Interstate 405, strong demographics and proximity to Lake Washington.The parcel is bordered by Garden Avenue N. to the east, Logan Avenue N. to the northwest and N. 8th Street to the south. The now vacant Boeing facilities on the site will be demolished to make way for the new development. The land was rezoned by the city in November for a mix of uses including office and retail, urban density residential and biotech lab/office. The land, which is now named Lakeshore Landing, was vacated by Boeing as part of its previously announced “Move to the Lake” plan to consolidate its 737/757 Airplane programs operation within the Boeing buildings located at the north end of the site, near the southern shore of Lake Washington.”Our consolidation plan will make our manufacturing more efficient and increase opportunities for our plant in the coming years,” says Carolyn Corvi, Boeing vice president and general manager of the 737/757 Airplane Programs. “In addition, revitalization of the surplus land for new stores, businesses and other uses will benefit the Renton community as well as our employees.”Constance Wilde of CB Richard Ellis has been handed the disposition assignment by Boeing Realty Corp., a wholly owned subsidiary of the Boeing Co. that directs all real estate strategies, acquisitions and dispositions, development and leasing worldwide for the Boeing Co. Wilde was not immediately available for comment Tuesday afternoon regarding the estimated value of the property. In a prepared statement, she says the land “offers a rare opportunity for developers to create the next lifestyle destination center in an urban market in the Puget Sound region.”When the Renton City Council approved the zoning changes for the parcel last fall, it also officially committed more than $33 million in funding for infrastructure improvements that will facilitate redevelopment. The moves were prompted by Boeing’s plan to consolidate its operations at the north and west ends of the site, eventually freeing up 75 acres for sale and redevelopment. The land use changes and infrastructure commitments were made to provide prospective buyers more options for potential redevelopment and more confidence that their efforts will be supported by the city. The new zoning does not exclude existing airplane production, so as not to affect Boeing’s Renton Plant current operations. As part of the land use changes, Renton and Boeing entered into a Development Agreement that details likely infrastructure improvements needed as redevelopment of the property occurs and how these improvements will be funded. Boeing has committed to providing the rights-of-way for new roads and sidewalks as well as other interior infrastructure. The city will use tax revenues generated from redevelopment to fund the improvements.