Port Angeles, WA Rehabilitation

  • 949_Aerial-Photo-Looking-South-Landing-Only
  • IMG_2631
  • IMG_2640
  • IMG_2713

Project Category: Substantial Improvement Property

  • Summary

    Rehabilitate and reposition The Landing (a 49,000 sf mixed use, waterfront building), in Port Angeles, WA.

  • Details
    Project Qualification: Substantial Improvement Property
    Real Estate:
    • Office
    • Retail
    Total Capital Required: $2,100,000
    Equity Required: $900,000
    Debt Required: $1,200,000
    Project Control: We own all the key property
    Timeline: Less than 30 days
     Address: 149 E Railroad Ave Port Angeles Washington 98362 United States
  • Map

    No Records Found

    Sorry, no records were found. Please adjust your search criteria and try again.

    Google Map Not Loaded

    Sorry, unable to load Google Maps API.

  • Project Narrative
    Project Narrative:

    The Landing was built in 1986, and it has underperformed since. The building and location have great potential. The Landing is the only retail/office waterfront building in Port Angeles, or for that matter on the American side of the Straits of Juan de Fuca. Our proposal is to reposition the property through grounds-work, and only minor changes to the building envelope, so as to achieve: a consistent architectural theme (wharf, such as San Francisco, New Jersey, Monterey); dramatic sightlines to the water and mountains; continuity of pedestrian experience, from the adjoining heavily trafficked street through the property; retail continuity from interior to exterior spaces.

    The original developers of The Landing constructed a hotel, but later found out it was not a permitted use, and lost the building back to the Port of Port Angeles in a bankruptcy proceeding. The Port ran the building for about 10 years, and then sold it to a local businessman who suffered an early death in 2013 before achieving his vision for the property. We acquired the property in early 2018 through a Deed in Lieu transaction.

    The building sits on land leased from the State of Washington and we are engaged in renewal and extension negotiations on that Lease.

    We seek approximately $900,000 in funding from an Opportunity Fund to take out existing investors today. Additional funding will come from bank borrowing after the new Ground Lease with the State is executed.