By Meghan Hall
A sizeable development site in the growing town of Wenatchee, Wash., has been put up for sale as current ownership nears the end of the entitlements process. Called Riverfront Village, the property currently is an industrial cold storage facility, but approvals could mean the development of 454 multifamily units in the years to come. According to sources familiar with the property, the project could sell—subject to permit issuance for direct development—for around $12 million.
The pricing of the property is subject to change, however, if interested parties buy the project and also negotiate a development agreement with ownership, who also has a general contracting division. Entitlements for the property are expected to be secured by this spring.
Kidder Mathews’ Executive Vice President Dave Speers is in charge on selling the property on behalf of Anandacom LLC, affiliated with Ananda Company, based in Redmond. Since its founding, Ananda Company’s total portfolio is valued at more than $500 million, and the firm has developed more than 1,000 apartment units and eight million square feet of space.
In all, the Riverfront Village property includes 7.83 acres and is located at 315 N Worthen St. According to an offering memorandum obtained by The Registry, the units will be spread across five buildings. 33 units will be studios and 290 units will be one-bedrooms. The remaining 131 units will be two-bedrooms. A six building, totaling 5,291 square feet, will be used for recreation and amenities.
When completed, the development will be one of the largest in Wenatchee. The project is located right on the Columbia River and within minutes of Wenatchee’s Central Business District. The town is about 140 miles East of Seattle on the other side of the Cascade Mountains. The second largest city in Eastern Washington, the town is experiencing more growth, despite its agricultural setting.
“Wenatchee is considered the “Apple Capital” of the state; however Eastern Washington is one of the largest agriculture regions in the country, producing a wide array of produce and is the second largest wine production region in the United States,” Kidder Mathews states. “Riverfront Village is well-positioned to attract new residents from Wenatchee, as well as part-time and retirement “west side” residents coming from Seattle, Tacoma, and Portland, Oregon.”
Currently, Wenatchee is the number one producer of apples nationwide, with more than $2.4 billion in production. The city is also number one producer of hops and pears, with values of $489 million and $246 million, respectively. Wine, another large industry in the area, contributes $4.8 billion annually.
In the coming years, more growth is expected to come to Wenatchee: Last summer, Microsoft purchased a 170-acre site for about $19 million. There, it is developing a $1 billion data center that will be more than 700,000 square feet in size. The first phase—totaling 244,000 square feet—is already under construction, and will bring more economic diversity and jobs that will support demand for housing in the future.