HERITAGE PARK APARTMENT

Project Description

Located in Qualified Opportunity Zone Downtown Olympia between 5th, Water, Columbia and Legion, the Heritage Park Development Site is uniquely positioned for redevelopment with one of the last sizable assemblages of land in Downtown Olympia. At 1.23 acres, the site is almost an entire city block, with views of the trifecta: Capitol Lake, Washington State Capitol Building, and Budd Inlet, it surpasses any previously available properties.

 On the westernmost portion of the site there is 0.75 acres with two existing, outdated office buildings (7,128 SF and 6,490 SF). On the eastern portion of the site, the existing 4 story office building would house Heritage Bank with drive-thru as a 6,684 SF anchor tenant.

 Besides, Located in an Opportunity Zone, there are substantial tax benefits available to developers.

This parcel in red is the project site.

Demand for residential units has far outpaced supply in the entire Thurston County market. Based on population projections, construction will not catch up for decades.

 The data shows increasing housing rates, decreasing vacancy rates, and growth in private sector employment. Combined with urban flight to the suburbs, Downtown Olympia is ready to capitalize on current market opportunities.

The data indicates that the average rent for an apartment in Olympia in 2016 was $1,142, studio apartments in Olympia rent for $991 a month, while 1-bedroom apartments rent on average for $1,019 a month. The average rent for a 2-bedroom apartment is $1,210. For an apartment in Olympia in 2020, the average apartment rent for 1-BEDROOM, 1-BATH was $1,838, $2230 for 2-BEDROOM, 1-BATH, and $2580 for 2-BEDROOM, 2-BATH.