Rare property inside the urban growth boundary
Redmond, Wash. – Lake Washington School District (LWSD) closed yesterday on a 25.46-acre property in Redmond, Washington, that will support continued growth in LWSD. The site is a large and unique parcel called Park 188, formerly owned by Cadman. Representing LWSD in the transaction were Kidder Mathews commercial real estate brokers Jason Bloom and Todd Gauthier.
The site is within and borders King County’s Urban Growth Boundary, which is directly to the east. The site is adjacent to a growing residential neighborhood that supports walking to school and nature preserves, regional trails, and parks that can support school district facilities. Regional amenities and connections include Marymoor Park, Washington State Route 520, Redmond Town Center, and a future light rail station.
“The purchase of this property is unique opportunity to plan for the future needs of Lake Washington School District,” said Dr. Jon Holmen, Superintendent. “It is rare to find a property of this size within the Urban Growth Boundary, and the potential uses will greatly benefit our students, families and the community.”
The communities within the LWSD, such as Kirkland, Redmond, and Sammamish, anticipate developing over 16,000 housing units in the next ten years. Local large technology companies in the area, including Microsoft, Amazon, Facebook, and Google, continue to grow within the community.
LWSD has experienced rapid enrollment growth since 2008, growing from the sixth largest to second largest district in the state in five years, making it the fastest-growing district in King County. LWSD enrollment has grown by 31% (7,337 students) since 2008 and is expecting continued growth of 11% for the next ten years, bringing in an additional 3,450 students. The majority of the district schools are at or over capacity, and continued population growth will only exacerbate this.
The district will use Capital Project proceeds from the sale of district property and remaining funds from the April 2016 bonds projects to fund the $40 million acquisition cost of Park 188. The district appreciates Cadman and the community’s support of our students and schools. LWSD will require a future bond or levy to fund the construction of educational facilities on this property.
About Lake Washington: Lake Washington School District is a high-performing public school district serving Kirkland, Redmond, and Sammamish, Washington. It is the second largest district in the state of Washington, with over 30,000 students in 56 schools. For more information, visit www.lwsd.org.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $8 billion in transactions, manages over 70 million square feet of space, and conducts over 1,800 appraisals annually. For more information, visit kidder.com.