Chelan Douglas Port Buys Land Near Pangborn Airport To Develop
The Chelan Douglas Regional Port Authority has plans to market a piece of land near Pangborn Airport.
It's buying the property from Cornelius Holdings llc, which had previously intended to build on the site.
Port CEO Jim Kuntz says the 5.56-acre lot is a prime piece of property for industrial development.
“It’s a very flat piece of ground,” said Kuntz. “We’re talking a straight line. This would be a perfect site for a distribution warehouse building.”
The property is just off Grant Road not far from the Pangborn Airport terminal.
It’s surrounded by land already owned by the Port, which sits just to the north of the airport on the opposite side of Grant Road.
The acquisition of the property will add assemblage of Port owned property that can be potentially developed in the future within the density limitations of the airport overlay zone.
The group of lots are in the Airport Overlay Zone 3, which allows for 3 - 25 people per acre.
Cornelius Holdings llc, have already taken one of the initial steps to develop the property by providing a Phase 1 Environmental Assessment, which was completed by AEI Consultants.
Although the site is located close to the airport, it likely will not involve any participation by the FAA because it sits outside the runway protection zone.
The area is also zoned for General Industrial, which Kuntz thinks will fit well with what the site offers. “This piece of property is highly marketable, Kuntz. “We’ll have success with it. Water and sewer are not very far off.
The land is also coming to the port for a bargain price.
Cornelius Holdings llc purchased the property in 2021 for $650,000 ($116,906 per acre) Its current assessed value is $888,000 ($159,712 per acre).
Cornelius Holdings have agreed to sell the land for well under the assessed value, $775,000, which Kuntz found very impressive.
“I can't remember ever being involved in a transaction when the owners of the property were willing to sell it below the assessed value," said Kuntz.
Chelan Douglas Regional Port commissioners approved the purchase of the acreage at their last board meeting
The Port will next produce an ownership allocation memo to identify which county port within the Regional Port Authority will own the lot. Kuntz said there would likely be a 50-50% ownership between the Chelan County Port and the Douglas County Port.