The Renton City Council moved to approve a three-part agreement with Boeing to extend Park Avenue North past the Logan Avenue North intersection to connect with the Southport site on Lake Washington.
The $7.7 million road extension project will be completed through both BNSF and Boeing property, and includes a $2,184,027 compensation to Boeing for both temporary and permanent use, passage and maintenance on their land.
Renton City Councilmember Randy Corman said the Park Avenue North extension is a big step toward completing the Southport development, a project he said has been in the making for about 20 years.
Corman said adequate road access to the Southport development would be one of the last things needed before the firm that owns the Southport development, SECO Development Inc., would start leasing their office and retail venues to businesses.
The SECO Development website advertises the Southport site as having over 11,000 square feet of retail space and over 664,000 square feet of rentable office space.
Councilmember Corman said the vision for the Southport development to be a “high-tech” campus has existed since the early days of its planning in the 1990s. He estimated that the campus could support around 5,000 jobs for the community.
“[The city] will receive far more in property and sales tax revenue than it would ever cost,” Corman said of the council’s decision to invest.
As construction on the project is planned to begin this year, Corman said he expected road closures at the intersection of Park Avenue North and Logan Avenue North to be minimal and possibly limited to lane closures.