RSSRiverpointe land for sale for $13M
Proposed $160M shopping centerYakima Herald-Republic
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YAKIMA, Wash. -- Developers who say they want a proposed 806,000-square-foot shopping center in north Yakima to move forward have put the property up for sale.
With the economy stalling the $160 million Riverpointe Landing development at 16th Avenue and U.S. Highway 12, property owner Riverpointe Landing LLC has the 75 acres for sale for $13 million, according to its listing.
"We haven't given up on the project," said Jack Evans of First Western Properties, which is representing Northward Real Estate Group, the development's majority partner. "It's just the economic times of the moment. If someone wants to acquire it, we would be happy to sell it to them."
Most of Riverpointe Landing LLC's property comes from 95 acres it purchased for $6.2 million in 2006 from the Irwin family.
It has already sold 25 acres of the property to Washington Fruit for nearly $2.8 million.
The project has been on hold since November, when Home Depot, slated to be first major tenant for the retail project, pulled out.
The project's developers are still in conversations about possible uses for the property, but Evans wouldn't disclose those details.
Attempts to develop the property date back more than 15 years.
In 1994, Robert Aikens & Associates, a Michigan firm, wanted to develop the property, but gave up on the project after the firm said it encountered difficulties with city officials.
Mercy Enterprises, the family-owned company that owns the neighboring multiplex Yakima Cinema along 16th Avenue, got approval to rezone the property for an 850,000-square-foot shopping mall in 1999 after a 31/2 year process, but plans never materialized.
Riverpointe Landing completed the rezoning process in just more than a year after it purchased the property. The property was put on the market in June.
Michael Morales, deputy director of the city of Yakima's Community and Economic Development department, said he believes the site will eventually see activity, but knows delays in a tough economy are not unusual.
"There are a lot of properties like that all over the place that are just waiting for things to turn around and for credit markets to free up," he said.
* Mai Hoang can be reached at 577-7685 or mhoang@yakimaherald.com.
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