Tarragon

Specialty: Mixed portfolio of real estate development

Management: Joe Blattner, president

Founded: 1995

Headquarters: Seattle

Current projects: Kent Station urban village; Sunrise Village shopping center, Puyallup; Bonney Lake Town Center; 2000 Third Ave. residential tower, Seattle


Rendering by Callison
Tarragon is planning Sunrise Village, a 550,000-square-foot shopping center in Puyallup that will combine a lifestyle center with big-box stores. The project is slated to open in the spring of 2008.

Tarragon has followed a torrid 2005 with another big year.

“We’re busy in a lot of the different markets that we work in,” said President Joe Blattner. “We have a lot of projects in active development.”

The developer focuses on a variety of uses, including retail, office, mixed-use, residential and industrial.

Big projects

A 715,000-square-foot Michaels Stores distribution center in Centralia — one of the state’s largest — is substantially complete and will begin its lease on Feb. 1, and the second phase of Kent Station, a 477,000-square-foot mixed-use development, is also nearing completion.

Kent Station currently has 240,000 square feet of retail and entertainment, and is slated to wrap up in 2008 after the addition of 150 residential units, 65,000 square feet of office and another 20,000 square feet of retail.

Tarragon has two more large shopping centers in the works, Sunrise Village, a 550,000-square-foot mix of a lifestyle center and big-box stores on Meridian East in Puyallup; and Bonney Lake Town Center, a 90,000-square-foot retail addition to a Target-anchored shopping center.

A 42-story residential tower planned for 2000 Third Ave. in Seattle is in early permitting, and two industrial projects are also in the works, though Blattner said he’s not ready to announce them yet.

Blattner said he remains optimistic about the local economy, and despite the spate of development, hasn’t seen signs of overheating.

“We’re going to continue to see fairly strong industrial, retail and office demand,” he said.

More suburban development

The dearth of land for industrial projects means more development will take place in Lewis County, even though its north border is 25 miles south of Olympia on Interstate 5.

Office construction should pick up in the suburbs as population growth makes traffic more unbearable.

“There will be a flight to quality as some of these second-generation spaces (in the south end) become antiquated,” Blattner said.

“It’s getting harder and harder for companies to attract and retain talent. One of the things that will help them do this is having facilities that are state of the art.”

Sites that are close to mass transit will remain sought after, he said, and mixed-use will continue to be a stronger piece of the market.

Tarragon hired “considerably” in 2006, Blattner said, and now has 30 staff members. The firm will continue adding staff in 2007.



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