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Print ArticleA developer has purchased a half-block-long parking lot in downtown Olympia and plans to build market-rate housing there, the first such project downtown in more than a decade.
Colpitts Development Co. LLC of Seattle paid $270,000 Wednesday for the lot behind Olympia Federal Savings and Ken Schoenfeld Furniture.
As part of the agreement, the city is assuming up to $493,000 in soil-contamination cleanup costs and utility-relocation expenses.
In an effort to bring new, market-rate housing to downtown, the Olympia City Council voted in August 2007 to authorize a purchase-and-sale agreement with Colpitts; the final terms of the sale were approved by the council a year later, according to the city.
Colpitts, known for developing multifamily apartment projects in the Seattle area, plans to build a seven-story, mixed-use apartment building with 120 apartment units.
It would include retail space and parking on the first floor, housing and more parking on the second floor and apartments on the remaining floors, Assistant City Manager Subir Mukerjee said.
