An Exciting Era Dawns in Pasco
On the cusp of urban revitalization, Pasco's Osprey Pointe Business and Technology Park is poised for a metamorphosis. Flanked by the Heritage Industrial Center, Big Pasco Industrial Center, and the East Ainsworth Street industrial corridor, the area is about to welcome the development of its first two apartment buildings, beginning this summer. This impressive initiative, driven by JMS Development, is set to rejuvenate the eastern part of Pasco.
The dynamic duo behind JMS Development, Meredith and James Sexton, are spearheading the initial installment of this substantial $450 million set of projects. Their vision is to inject life into east Pasco with approximately 1,000 homes, assorted commercial entities, a hotel, a marketplace, and an amphitheater. With the permit application process for the Osprey Place Marketplace underway, construction could potentially kick-off this summer, if not certainly by the close of the year.
The inaugural two apartment buildings will be home to a combined total of 32 units, each consisting of three bedrooms, two bathrooms, and underground parking spaces for two vehicles. This design resonates with a rising demand for more spacious living quarters. If leasing these units poses challenges, JMS has a contingency plan to put them up for sale as condominiums.
Occupying 55-acres of the Port of Pasco's low-bank waterfront property, Osprey Pointe is strategically positioned at the intersection of East Ainsworth and South Oregon avenues. Following the collapse of a 2018 development agreement with Eaty Gourmet, JMS Development stepped in during 2020 to develop the expansive vacant area surrounding the port's headquarters. Despite the hindrances instigated by the COVID-19 pandemic, the project is now picking up momentum, aided by modifications to over three dozen city codes.
Recently, a vote by the Port’s elected commission resulted in an extension of the development agreement until July, allowing the final touches to be put on the details. The Port's Executive Director, Randy Hayden, along with the Sextons, express growing optimism about the project's advancement. In fact, they are already on the brink of securing building permits, carrying out environmental reviews, and engaging investors for fundraising.
Financing for the Osprey Pointe Marketplace project is planned through a blend of traditional bank loans, investor contributions, and a special tax-advantaged fund known as Osprey Pointe OZ Holdings II LLC. Benefiting from Pasco’s status as an Opportunity Zone—a federal initiative offering tax incentives to private investors—the Sextons aim to raise up to $97 million, with the minimum investment set at $50,000.
The ambitious blueprint for Osprey Pointe involves phased purchases of land from the port, potentially over a ten-year span. Upon completion, the development will offer over 1.5 million square feet of residential and commercial space, housing a total of 986 homes, 256 of which will be rentals.
Future enhancements include a seven-story hotel offering 350 rooms and a rooftop bar, an indoor venue with a capacity of 6,000, and a sprawling outdoor amphitheater able to accommodate 35,000 spectators across ten acres. The Sextons have already begun discussions with a potential hotel operator and dream of hosting big-name acts, such as the Foo Fighters, as the inaugural performance.
The initial development phase will lay the essential groundwork, establishing water and sewer connections, and introducing retail and dining spaces at street level in the apartment buildings. Residential construction plans feature an array of studio, one-, two-, and three-bedroom condominiums, with prices starting at $150,000. To ensure the preservation of the original vision, all property owners and tenants will be subject to design standards governed by a homeowners association.
The development will be conducted following a strategic north-south zigzag pattern, providing a buffer between completed residences and ongoing construction. The primary roads, as outlined in the SEPA plans, will follow a roughly gridded pattern running north-south and east-west.
As the Sextons envisage, 2023 marks the year that Osprey Pointe Marketplace starts to transform Pasco's landscape. Stay connected with the project's progress on their Facebook page and feel free to message us with any questions. Lets Grow Tri-Cities!!
(https://www.facebook.com/opmarketplace)
