With $4M land deal, Port of Ridgefield sets aggressive stance on development
Nearly a year after selling one of its largest parcels along the I-5 corridor to Southwest Washington Health System, the Port of Ridgefield is back in the development game.
Last week the agency's three-member Board of Commissioners voted unanimously to approve the purchase of 17 acres from developer Elie Kassab for $4 million, with payment to be spread out over 10 years. The property, located at Pioneer Street and S. 45th Avenue, west of I-5 in Ridgefield, will be consolidated with adjacent Port-owned land to create a 30-acre parcel.
With the purchase, the Port reestablished its presence along the I-5 corridor near the junction with S.R. 501 in Ridgefield – a development zone the Port largely abandoned with the sale of 75 acres intended for use as a future North County offshoot of Southwest Washington Medical Center.
"We wanted to get another stake in the Discovery Corridor," said Port of Ridgefield executive director Brent Grening, referring to a mostly underdeveloped stretch of I-5 from Salmon Creek northward to La Center.
Though the Port planned to immediately market the property as a possible corporate campus or headquarters, Grening stressed the long-term nature of the agency's development plans.
"Generally, the suburban office market is on its ear," he said. "And it's probably going to be that way for a long time."
As part of the deal, Kassab committed to reinvest at least $1 million into property located within the port's tax district, according to Grening.
Kassab told the VBJ that he planned to use the entire proceeds of the sale to purchase land adjacent to I-5 in Ridgefield for development, which he said would include retail and a movie theater complex.
