Swire Coca-Cola USA Abandons Port of Olympia Development Plans
Coca-Cola bottler Swire Coca-Cola USA has terminated its lease agreement with the Port of Olympia, citing uncertainty about development timelines and costs.
The company had signed a 75-year ground lease with the port in 2019, which would have generated $2 million per year in revenue for the port. However, after conducting due diligence on the proposed site, Swire decided not to pursue development.
According to Port of Olympia operations director Warren Hendrickson, 'not all is lost.' The port retains an option to lease agreement with commercial real estate business CRG, which it can now revisit as a backup plan. This agreement allows CRG to do their due diligence over the next 10 years.
Hendrickson noted that development of the parcel was contingent on completing a Habitat Conservation Plan (HCP) to protect endangered species. The port and city of Tumwater are currently working on this plan, but its completion is uncertain.