Development plan emerges for former Ostrom’s mushroom farm in Lacey

OLYMPIA – A development plan for the former Ostrom’s mushroom site, which is near the Regional Athletic Complex and was recently damaged by fire, has been submitted to Lacey, Washington, the city announced.

The city has received an application from national home builder D.R. Horton, which aims to transform the site at 8233 Steilacoom Road SE into a planned residential development called Morel Meadows.

“The Morel Meadows plat represents a planned subdivision of 32 acres into 179 single-family lots,” the city information reads.

Other elements of the project, according to the proposal: It will have a variety of home styles, including traditional front load homes and alley homes, the proposal reads.

Lot sizes will range from 2,700 square feet to 4,000 square feet.

The property at Steilacoom and Marvin roads was put up for sale after Ostrom’s relocated its operations to Sunnyside, near Yakima.

A commercial real estate broker recently hinted at the upcoming project, describing the buyer as a “recognized residential real estate developer that has done business in the state before,” The Olympian reported.

The Morel Meadows application was deemed complete by the city on Wednesday

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Other business happenings

Representatives of D.R. Horton plan to get feedback on developing 302 apartments in Lacey’s urban growth area at 8317 Pacific Ave. SE, according to Thurston County presubmission information.

Horton wants to spread those apartments among 12 buildings with 516 parking spaces and a clubhouse. Access to the site would come from Pacific Avenue, Marvin Road and Scarlet Oak.

The Nisqually Healing Center, a center that will provide drug treatment and other health care services at 3663 Pacific Ave. SE in Olympia, continues to advance, according to state information.

A representative of Korsmo Construction of Tacoma is seeking coverage under the state Department of Ecology’s construction stormwater and state waste discharge general permit.

The project involves 1.23 acres of soil disturbance for commercial construction activities. All discharges and runoff goes to ground water, according to the state notice.

The state Community Economic Revitalization Board, which is part of the state Department of Commerce, has approved $3.375 million in low-interest loans and $1.175 million in grants to spur business growth and job creation in several counties, including Thurston County.

The city of Tenino has received a $1.125 million loan and $375,000 grant for the Southwest Washington Agricultural Business and Innovation Park project. The project includes engineering, design, and construction of a public facility, along with new sidewalks and parking lot.

A private partner, Dragonwheel Investment Group, is investing $2.1 million in the project, which will create and retain 40 jobs, according to the state.

The Southwest Washington Agricultural Business and Innovation Park will establish a business park focused on food-related manufacturing, processing, storage and packaging within the city on a 13-acre parcel, according to the Thurston Economic Development Council.

Banking

Heritage Financial Corp., the parent company to Olympia-based Heritage Bank, reported a second-quarter profit on Thursday of $16.8 million, down from the $18.6 million profit the bank-holding company reported in the same quarter last year.

“Results for the second quarter continue to demonstrate the strength of our business model,” said Jeffrey Deuel, president and CEO, in a statement. “We have a balance sheet with a legacy of strong core deposits and ample liquidity which allows us to maintain loan production.”

The Heritage stock trades on the Nasdaq under the ticker symbol HFWA. The stock closed at $18.40 per share on Thursday, down 2.7%. Over the past 52 weeks, the stock has traded between $14.85 and $34.34 per share

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