Economy takes another one down

Plans by the Port of Olympia to develop six and a half aces of port property on East Bay, have been dealt a blow by the economy.

The port’s partner Tarragon from Seattle, has pulled out of the project citing the poor economic climate and the bad economy.   By mutual agreement, the port agreed to the split.

There are no plans at this time to go out for proposals for other partners, according to Olympia Port Commissioner Bill McGregor.  “Our vision for East Bay is still a good vision,” McGregor said.  “But we’ll have to wait until the market improves.”

Until then, McGregor said, the port will continue work on cleanup and wait for better market conditions.  “The value of the property will continue to escalate and the taxpayers will be the beneficiaries,” he said.