WENATCHEE — The city of Wenatchee is partnering with an Alabama company to bring development to 8.75 acres on Wenatchee Avenue near McKittrick Street.
City council approved a memorandum of understanding with RAM Development Partners, LLC regarding the property during a council meeting Thursday night.
The memorandum gives RAM a year of exclusive rights to market the property. At the end of that year, the company is expected to propose a development plan for the entire property. RAM also has the ability to buy and develop the property.
Exactly how much commission the company takes away from the partnership will depend on how the final sale or development is structured. For now, RAM will perform marketing activities at its own cost, some of which may be recouped as part of negotiations for a future development agreement.
The city listed the property in 2019 and spent $931,000 to demolish former state Department of Transportation buildings there earlier this year. Despite advertising transportation projects that would connect it to a gateway to the waterfront and the Apple Capital Recreation Loop Trail, they received some interest but no formal offers. So, the city started considering working with a commercial broker.
“We really struggled. One person wants a half acre here and somebody else would’ve wanted something different. So this is a great way to sort of plan the whole property,” Mayor Frank Kuntz said, adding that there could be a residential component to the final project.
Wenatchee connected with RAM after the company was brought in for a retail recruitment plan by the North Central Washington Economic Development District.