The transaction is contingent upon the buyer receiving the necessary approvals for its project, a Quadrant source tells GlobeSt.com. There is no scheduled date for the transaction to close. The proposed purchase price has not yet been revealed.
The property is known as the "panhandle" of Redmond Ridge. It comprises the easternmost portion of the master planned community. The land was previously set aside for single-family residential development.
The buyer is Camp Korey, a local group formed earlier this year by Tim Rose, a senior vice president with Costco Wholesale whose son Korey died of bone cancer. Camp Korey would be affiliated with the Paul Newman founded Association of Hole in the Wall Camps, a family of retreats that provide recreational and therapeutic experience for children with life-threatening illnesses. If successful, Camp Korey would be the first Hole in the Wall Camp in the Pacific Northwest.
Quadrant Homes is a subsidiary of Weyerhaeuser Real Estate Company. Quadrant's Redmond Ridge and Trilogy developments now include approximately 2,100 homes and a retail center. Still to be developed are an office park, the second phase of Redmond Ridge and the balance of homes in Trilogy.
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