$175M Mixed-Use Project Replacing 125-Acre Nursery

OLYMPIA, WA-The Briggs family has master planned a 125-acre mixed-use development here on the site of its original nursery operation, which has been relocated to Elma. The development property abuts Ward Lake on the south side of the city, immediately northeast of the Henderson Boulevard-Yelm Highway intersection. Briggs Village is designed to have 204 apartment units, a 200-unit senior living center, 110,000-sf of retail, 250 single-family homes and 58 acres of parks and open space. The development cost is estimated at $175 million. Site grading is now under way. Briggs has formed a joint venture with two California companies that will provide the necessary equity for the development. Cushman & Wakefield senior director Greg Laycock negotiated the JV on behalf of Briggs Development chief executive Gary Briggs, who could not be reached Wednesday for comment.Without naming names, Laycock describes the JV partners as being from California. He describes one as a real estate development company based in Thousand Oaks, CA and the other as an individual “who used to be the owner of a worldwide clothing distributor.” Laycock says that the joint venture will sell some of the land and develop the remainder itself. He estimates the development will take less than five years to build out. For more retail coverage, click GlobeSt.com/RETAIL.