Covington Center

Covington is a new city between Kent & Maple Valley about 45 minutes southeast of Seattle. We permitted a "mixed-use" project that included both commercial and residential. The multi-family parcel was sold to Rudeen Development, and we focused on the commercial portion. Initially we didn't know if the site would support a great deal of retail, so we explored a mix of retail and light industrial. However, as activity progressed, we found a large market for retail.

In order to satisfy the need for a larger retail -- we ended up with a two-story, 99,000sf version of Kohl's department store -- we acquired four adjacent parcels and a strategically located church building (see the Sanctuary site). In addition, we engineered a land-swap with a neighboring business owner/operator. While complicated, Covington Center cash-flowed from the start and continues to be a solid, low-maintenance asset.