TUKWILA, Wash. (March 22, 2021) — Segale Properties, a fourth-generation, family-owned commercial real estate development and property management company, has begun marketing 250 contiguous acres of pad-ready properties — fully entitled for a wide range of uses — to developers and companies to deliver catalyst projects. Segale Properties is nearing completion of its first deal, with Ryan Companies US, Inc. for a total of 38 acres. The strategically positioned, centrally located property, formerly known as Tukwila South, has been newly named The Prato District.
“Our family has spent the past 70 years assembling land, and the past two decades planning, gaining entitlements and constructing core infrastructure for The Prato District. Our family’s vision will create an exciting new live-work-play environment bringing high-quality development, open space, and economic vitality to the Tukwila area. We could not be more pleased to have Ryan Companies as our first builder,” stated Mark Segale, president at Segale Properties.
Segale added, “With a development capacity of 10.3 million square feet, The Prato District offers developers and companies an unparalleled opportunity to develop and build large-scale commercial and residential projects, campus-type environments, and mixed-use development in the land-constrained Puget Sound region.”
The Prato District’s 320 plus acres includes 250 acres of shovel-ready property that benefits from a zoning overlay that allows for a mix of complementary uses, including multifamily, office, flex-tech, retail and light manufacturing, to name just a few. Offering a streamlined path to development, The Prato District has completed all key entitlements and core infrastructure improvements making it immediately ready to support up to 10.3 million square feet of new commercial and residential development.
“Ryan Companies was attracted to the vision and scale The Prato District offers, not to mention the fact that infrastructure and approvals are already in place. Instead of spending 18 to 24 months just to get land entitled and permitted, we can start building tomorrow — that speed-to-market gives us an extraordinary advantage over other developers,” said Marc Gearhart, vice president of real estate development, Ryan Companies.
Located at the axis of Interstate 5 and Interstate 405, The Prato District is strategically positioned within minutes of SeaTac Airport, LINK Light Rail stations, Sounder commuter rail, State Route 167, Metro bus service and important regional job centers such in Seattle, Renton, South Seattle and the Ports of Seattle and Tacoma. The Prato District is central to more than 100,000 skilled workers and nearly 5,000 businesses.
The Prato District also offers exceptional amenities, including views of Mount Rainier and the Green River, 18 plus acres of future parks and maintained walking trails, and 71 acres of conserved open space. The property is within walking distance to a vast array of retail, restaurants, lifestyle services, and the Southcenter Westfield Mall. The common recreation space Segale plans to provide through build-out of The Prato District— along with the City of Tukwila’s completion of the Green River trail — will provide significant passive and active recreation space and amenity areas for future tenants, employees, and residents.
About Segale Properties LLC
Segale Properties is a fourth-generation, family-owned, commercial real estate development and property management company. For over 70 years, we have strategically increased our land holdings throughout Washington State; owning and operating a diverse mix of commercial, industrial, residential, agricultural, and natural resource properties. For more information, visit segaleproperties.com
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan” market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work span a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission-critical facilities. Ryan has nearly 1,500 employees in 15 offices and has completed projects in 39 states. For more information, visit ryancompanies.com