ProLogis to develop former South Tacoma rail site

ProLogis to develop former South Tacoma rail site    Denver-based industrial real estate giant ProLogis is completing the $100 million purchase of 115 acres in South Tacoma, Wash., from Burlington Northern Santa Fe Railway with an eye to creating a major distribution complex by the end of 2009.
   ProLogis plans to develop five-buildings totaling 1.9 million square feet on the site, a long-shuttered rail maintenance yard for BNSF. The real estate firm said the development's focus would be on distribution-oriented facilities, but some manufacturing facilities may be included.
   The parcel is bounded on its western side by wetlands, and ProLogis has applied to fill in about one acre of wetlands that extend on to the property.
   Tacoma Public Utilities' governing board is to discuss the project at a May 20 study session and vote on agreements related to highway access to the parcel. ProLogis, hoping to avoid running trucks through South Tacoma neighborhoods, is seeking to secure TPU permission to run trucks between the parcel and a highway just to the north.
   News of the ProLogis project was announced Monday to the Tacoma City Council's Economic Development Committee. The committee is to receive another update on the project on May 13, with several public meetings on the project to be held through June 10. The city's Community and Economic Development Department plans to notify the South Tacoma Neighborhood Council, the New Tacoma Neighborhood Council and local businesses of the public meetings. The full city council will take up the project on June 11.
   ProLogis has 510.2 million square feet of owned, managed or under development distribution facilities across North America, Europe and Asia. The firm's asset portfolio of 2,773 properties as of the start of this year is estimated to be worth more than $36 billion.