Completion of environmental analysis for the development marks a crucial step toward a promising future for Federal Way
FEDERAL WAY, Wash. (Oct. 30, 2018) — After conducting a comprehensive assessment, the City of Federal Way has completed the State Environmental Policy Act (SEPA) analysis on a development project at Woodbridge Corporate Park, the former Weyerhaeuser Campus in Federal Way. The City issued a Mitigated Determination of Nonsignificance (MDNS), signifying there are no probable significant adverse impacts from the proposal.
Because the project complies with SEPA requirements — which evaluates environmental impacts like water quality, wetlands, sound, noise, smell, and traffic — an Environmental Impact Statement (EIS) will not be required.
In February 2016, Weyerhaeuser Company moved their headquarters to Seattle and sold its 425 acres and 819,717 square feet of office, lab, and industrial space across multiple buildings to Industrial Realty Group (IRG).
IRG specializes in adaptive reuse of commercial and industrial real estate and is now taking steps to develop a portion of the campus which will provide necessary funding for the adaptive reuse of the iconic former headquarters building and preservation of the unique characteristics of the site — including the Bonsai Museum, Rhododendron Species Botanical Garden, Northlake waterfront and boat launch, and surrounding trails.
The announcement by IRG is a pivotal moment in its plans to reuse and redevelop the property, which ultimately will stimulate the Federal Way economy and restore a significant amount of the jobs and tax revenue lost when Weyerhaeuser moved.
“We’re excited for what this environmental analysis means for the prosperity of the City of Federal Way and the preservation of the revered property,” said Dana Ostenson, the Executive Vice President at IRG who is overseeing Woodbridge Corporate Park.
“Completion of this assessment means momentum in bringing well-paying jobs and economic diversity back to the community, while maintaining the beauty and rich history of the campus.”
When developed, the corporate park will create new high-paying office and industrial jobs, provide significant economic growth for the City of Federal Way, and create necessary tax revenue to fund essential community services like the South King Fire Departments, City of Federal Way Police Department, and Federal Way Public Schools.
About Industrial Realty Group
IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing 175 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America’s most difficult real estate challenges. Learn more at www.industrialrealtygroup.com.