Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
The feature you requested does not exist. However, we suggest the following feature:

Costco Wholesale : moves ahead on new warehouse store

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/25/2017 | 02:18pm CEST

April 25--CENTRAL POINT -- Costco Wholesale is moving forward on its new warehouse store off of Table Rock Road after a series of appeals delayed the project by more than a year.

Dave Messner, senior vice president for real estate, said Monday the Issaquah, Washington-based retailer will soon close on its acquisition of 18.28 acres at the southwest corner of Hamrick and Table Rock roads, followed by construction of a 161,992-square-foot warehouse and fuel station.

"Now that we're through with appeals, we'll probably close in the next two or three weeks and then pick up the permits," Messner said.

The Central Point Planning Commission approved the project in January 2016. However, zoning and traffic impact appeals by a local land-use consultant, Cal Martin, and attorney David J. Smith, stymied action for the next 14 months. In March 2016, the Central Point City Council agreed with the town's Planning Commission , denying two appeals from local residents. Last September, the State Land Use Board of Appeals affirmed Central Point's approval of Costco's permit.

But Martin and Smith pressed on to the Oregon Court of Appeals. On Feb. 1, the appellate court affirmed the Land Use Board of Appeals' decision.

The combined construction costs for the warehouse and fueling station is valued at $13.3 million, Central Point Development Director Tom Humphrey said. That excludes the cost of land and improvements to the surrounding land. Costco's permit and systems development charge fees, payable to Central Point, are $1.6 million,

"We're anticipating for Costco to come in with a check and pick up their building permits," Humphrey said. "They're currently working on conditions that were associated with approval of the conditional use permit last year, and once they satisfy those requirements to the degree they consolidate existing lots, they'll close on the property."

He said Costco anticipates being able to complete its building in four months.

The new Costco will be 20 percent larger than the existing location adjacent to Crater Lake Highway that was built in 1991 and expanded a couple of years later. The fueling station will be double the size of the present one.

Messner said Costco had little choice but to move if it were going to expand to meet shopping demand.

"We were boxed in on both sides," he said. "Costco has changed a lot over the last 25 years. We didn't have a gas station when we first opened our Medford store, and the amount of fresh food, deli items, and food offerings has really grown over that time."

Costco operates 508 domestic warehouses and 729 overall. Messner said the company adds about 20 stores annually.

"There are typically four or five relocations each year," he said. "Either the market has changed, or we've outgrown our facility."

Costco quickly outgrew its north Medford location, for which it paid $1.9 million 26 years ago. After unsuccessfully pursuing property near the Northgate Marketplace off Highway 238, the company turned its attention to Central Point.

"They will be expected to make some interim improvements because the work the county is doing on Table Rock Road has been delayed to some degree because of other infrastructure and right-of-way acquisition," Humphrey said. "We think it will be a great new project in the city. It's already having a ripple effect on other adjoining properties, and there's been a lot of interest expressed in developing nearby sites along Biddle Road."

-- Reach reporter Greg Stiles at 541-776-4463 or [email protected] Follow him on Twitter at www.twitter.com/GregMTBusiness, on Facebook at www.facebook.com/greg.stiles.31.

___

(c)2017 the Mail Tribune (Medford, Ore.)

Visit the Mail Tribune (Medford, Ore.) at www.mailtribune.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
02:18p COSTCO WHOLESALE : moves ahead on new warehouse store
02:18p POPULAR INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
02:18p MACY : Corte Madera burglars strike Apple Store for $24K in goods
02:18p COMMERCIAL VEHICLE : to Present at the 2017 Oppenheimer Industrial Growth Conference
02:18p LOTE secures Innovative Pilot with the Santa Monica Utility District
02:18p BLACKROCK, INC. : Post Earnings Coverage as BlackRock's Adjusted EPS Soared 24%; Asset Under Management Jumped 14%
02:18p KENNEDY-WILSON HOLDINGS INC : Blog Coverage Kennedy-Wilson Holdings to Merge with Kennedy-Wilson Europe; Set to Create a Leading Real Estate Conglomerate
02:17p MANDARIN ORIENTAL INTERNATIONAL : Taipei celebrates Mother's Day with an array of unrivaled dining experiences
02:17p NAWAZ MUST GO INSTANTLY : Zardari
02:17p MAXCYTE : April 25, 2017(PDF) MaxCyte, Inc. to Present Positive Preclinical Data for Sickle Cell Disease
Latest news
Advertisement
Hot News 
11.81%LVMH's Arnault to take full control of Christian Dior
-7.50%WHITBREAD : Britain's Costa Coffee-owner Whitbread sees tougher times ahead
-3.32%TELEFONAKTIEBOLAGET LM ERICSSON : Ericsson Pushed to Hefty Loss by Write-Downs, Restructuring Costs
4.33%LVMH : to Buy Christian Dior Couture for EUR6 Billion
2.50%NOVARTIS : 1Q Net Income Down 17%, Hurt by Drug Failure
Most Read News
04/24 Ahead of NAFTA talks, U.S. sets 20 percent duties on Canadian softwood lumber
01:29a TOSHIBA TO START TAKING BIDS IN JUNE FOR ITS SWISS UNIT LANDIS+GYR : Kyodo
07:23a VOLKSWAGEN : Germany opposes key EU reforms prompted by Volkswagen scandal - document
02:35aDJLVMH : to Buy Christian Dior Couture for EUR6 Billion
01:40aDJNOVARTIS : 1Q Net Income Down 17%, Hurt by Drug Failure
Most recommended articles
04/21 TWENTY FIRST CENTURY FOX : Government extends period for regulators to report on Sky-Fox merger
08:15aDJS&P 500, Nasdaq Futures -- Technical Analysis
08:15aDJAKZO NOBEL : AkzoNobel Rejects Elliott Management's Call for EGM
08:14aDJELI LILLY AND : Working to Cut Costs
08:11a 3M : Post-it maker 3M's results top estimates