Development plans emerge for former Ostrom’s mushroom farm, Pacific Ave. apartments
A development plan for the former Ostrom’s mushroom site, which is near the Regional Athletic Complex and was recently damaged by fire, has been submitted to Lacey, the city announced.
The city has received an application from national home builder D.R. Horton, which aims to transform the site at 8233 Steilacoom Road SE into a planned residential development called Morel Meadows.
“The Morel Meadows plat represents a planned subdivision of 32 acres into 179 single-family lots,” the city information reads.
Other elements of the project: It will have a variety of home styles, including traditional front-load homes and alley homes, the proposal reads. Lot sizes will range from 2,700 square feet to 4,000 square feet.
The property at Steilacoom and Marvin roads was put up for sale after Ostrom’s relocated its operations to Sunnyside, near Yakima.
The Morel Meadows application was deemed complete by the city on July 19.
If you would like to weigh in on the proposal, send comments to Associate Planner Reace Fant at RFant@ci.lacey.wa.us by 5 p.m. Aug. 2.
Other business happenings
Representatives of D.R. Horton also plan to get feedback on developing 302 apartments in Lacey’s urban growth area at 8317 Pacific Ave. SE, according to Thurston County pre-submission information.
Horton wants to spread those apartments among 12 buildings with 516 parking spaces and a clubhouse. Access to the site would come from Pacific Avenue, Marvin Road and Scarlet Oak, according to the information.
The state Community Economic Revitalization Board, which is part of the state Department of Commerce, has approved $3.375 million in low-interest loans and $1.175 million in grants to spur business growth and job creation in several counties, including Thurston County.
Here, the city of Tenino has received a $1.125 million loan and $375,000 grant for the Southwest Washington Agricultural Business and Innovation Park project. The money will fund engineering, design, and construction of the public facility, along with new sidewalks and a parking lot.
The Southwest Washington Agricultural Business and Innovation Park will be a business park focused on food-related manufacturing, processing, storage and packaging within the city on a 13-acre parcel, according to the Thurston Economic Development Council.
A private partner, Dragonwheel Investment Group, is investing $2.1 million in the project, which will create and retain 40 jobs, according to the state.
Banking
Heritage Financial Corp., the parent company to Olympia-based Heritage Bank, reported a second-quarter profit on Thursday of $16.8 million, down from the $18.6 million profit the bank holding company reported in the same quarter last year.
“Results for the second quarter continue to demonstrate the strength of our business model,” said Jeffrey Deuel, president and CEO, in a statement. “We have a balance sheet with a legacy of strong core deposits and ample liquidity which allows us to maintain loan production.”
The Heritage stock trades on the Nasdaq under the ticker symbol HFWA. The stock closed at $18.40 per share on Thursday, down 2.7 percent. Over the past 52 weeks, the stock has traded between $14.85 and $34.34 per share.
If you know of a retailer, restaurant, coffee shop or other business that is opening, closing, expanding, remodeling, or changing its focus, send an email to reporter Rolf Boone at rboone@theolympian.com.
