The City of Olympia Seeks Development Partner for the Water Street Redevelopment Area

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Submitted by The City of Olympia

The City of Olympia has issued a Request for Proposals (RFP) in search of a development partner for the Water Street Redevelopment Area, an approximately one-acre area between 4th Avenue and 5th Avenue east and west of Water Street in downtown Olympia. The chosen development partner will create a redevelopment proposal for a mixed-use project that includes residential, commercial, office, retail and parking uses.

The Water Street Redevelopment Area plays a crucial role in linking community activity centers to the north and south with Percival Landing and Heritage Park, as well as to the east and west with the core of downtown and the Fountain Park.

Enhancing the livability and vibrancy of the downtown is one the City of Olympia’s highest priorities. The City’s recently updated Comprehensive Plan sets forth the City’s overall vision for downtown Olympia, which includes creating a complete neighborhood with a mix of office, retail and residential uses, including 25 percent of the City’s future residential growth (about 5,000 people).

The Water Street Redevelopment Area is the first of several Community Renewal Areas (CRA) targeted for redevelopment by the City. The City established the CRA as a way to incentivize investment in underdeveloped and blighted properties. The CRA covers all of downtown including the Water Street Redevelopment Area.

Potential responders to the RFP can take part in pre-submission conferences and site tours are scheduled for Aug. 20, 2015. Responses to the RFP are due Oct. 9, 2015. Open House presentations and City Council interviews are set for Oct. 29. The selected development partner will enter into an Exclusive Negotiated Agreement on Nov. 24, during which the city will work with the developer to create a specific, feasible development proposal.

The selected development partner will be invited to give a presentation on all aspects of the proposal, from design concepts, development costs, terms of site acquisition and implementation schedule to the City Council and the community.


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