Bridge Industrial Clears Regulatory Hurdles for Tacoma Project
Chicago-based Bridge Industrial cleared key regulatory hurdles last week for a four-building project in Tacoma with the city’s conditional approval of a critical areas development permit and issuance of a “mitigated determination of non-significance,” reported the Puget Sound Business Journal.
Bridge plans to develop a 2.5-million-square-foot industrial campus called Bridge Point Tacoma 2MM on former BNSF Railway Co. property in Nalley Valley.
The buildings will range in size from 320,000 to nearly one million square feet. Kidder Mathews is marketing the Bridge development for lease.
Bridge, which has an office in Bellevue, bought the 150-acre site for $158 million in September 2021 and submitted pre-development documents to the city.
The Business Journal reported the speculative project would add a significant amount of industrial space to the South Sound market, although it was planned long before the market started showing signs of weakness due to rising interest rates and inflation.