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Saturday, January 12, 2002

By MARNI LEFF
SEATTLE POST-INTELLIGENCER REPORTER

ASPI Group Inc. and Panattoni Development Co. said yesterday that they have agreed to work together to develop 800 acres surrounding the Grant County International Airport into an industrial park.

The companies are planning to "build-to-suit" on the Moses Lake property and won't break ground until they have recruited businesses to move onto the land. No financial details were disclosed.

"If you look at the airport, it's a massive airport," said Kim Foster, corporate counsel for Seattle-based ASPI, which owns about 8,000 acres in Washington, primarily in Grant County. "It's highly underused at this point, and the capacity is tremendous."

Foster said his company, which is owned by a Taiwanese family and has secondary offices in Taipei and Beijing, is targeting different kinds of businesses for the three parcels that it is hoping to develop.

For a 135-acre lot adjacent to the airport's 13,500-foot main runway, the companies will court air cargo companies, he said. The other parcels are zoned for light-industrial and heavy-industrial use. Colliers International is marketing the project.

Foster said his company, which owns the land, will decide whether to split the three parcels into smaller lots or develop them as they are, based on what prospective tenants or buyers want. The company also said it has not decided whether it will lease or sell the land.

Either way, he said, developing the industrial land should provide an economic boost to the region, where ASPI has owned landed since 1988.

"The airport and our industrial properties are an economic driver and bring our other properties -- retail, resort and residential -- into play," he said. "It will create or the broaden the economic base in Grant County."

ASPI joined with Sacramento, Calif.-based Panattoni Development because Panattoni has a broad, national reach, Foster said.

Panattoni bills itself as the "largest developer of industrial build-to-suit projects in the United States."

P-I reporter Marni Leff can be reached at 206-448-8142 or marnileff@seattlepi.com

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