YAKIMA, Wash. -- Despite having 75 acres off U.S. Highway 12 and 16th Avenue listed for sale, developers of the proposed $160 million Riverpointe Landing shopping center are still looking into a variety of options for the property.

“We are in discussion with potential buyers and still looking at having it be a retail development,” said Josh Parnell of First Western Properties of Tacoma, which is representing development firm Northward Real Estate Group of Bellevue. “People definitely recognize that this is a prime location.”

Parnell listed challenges, such as financing and a lack of expansion from retailers, that made it tough to move the property.

Northward may also opt to sell part of the property — about 10 to 20 acres —for industrial and office use and marketing the property for a smaller retail development. The developer is also open to doing a joint venture, Parnell said.

And ultimately, if retail tenants begin expanding again, Northward may still end up building the project.

As some of you may remember, Riverpointe Landing was initially stalled when Home Depot pulled out of the project.

“If the retail tenants come back and want to do a deal, then we’ll build it for them,” Parnell said.

-- Mai Hoang

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