Land is leased and improved with an office and retail tower. Appraisal addresses site value under three scenarios: highest and best use as if vacant and unimproved; as improved and having additional development capacity; and as improved with no additional development capacity.

This full service boutique luxury hotel was originally constructed in 1962 for the World’s Fair.  It is subject to an aquatic lands lease with the DNR.  The current 30-year lease term began in 2001. The Sale Comparison and Income Approaches were both used to value this property, with the Income Approach being considered most relevant for the property type.

Purpose of the acquisition is to secure the water rights that were held by the brewery and its subsequent owner, a bottling company, and to have future use of the wells that are present on parts of the former brewery property. The Cities of Olympia, Lacey and Tumwater plan to acquire this land along with the water rights. Land improved with a total of 15 wells and a water tower.