600 W Holly St
Bellingham, WA 98225
Old Town Village · Land For Sale · 6.95 AC

The Old Town Village provides for a rare opportunity to acquire approximately 300,000 square feet (7-acres) of prime development land situated along the waterfront in Downtown Bellingham.? The property consists of 5 full city blocks,4 half blocks and a large tract running the length of Whatcom Creek within the Old Town Neighborhood of Bellingham.? The full city blocks (blocks 2, 3, 5 and 6) range from 27,597 to 39,861 square feet, while the half blocks (blocks 1, 4, 7 and 8) range from 17,028 to 22,009 square feet, and the waterfront tract measures 91,932 square feet.? The property can be purchased as a portfolio or as separate blocks.? Zoned Commercial and located within the Old Town Overlay District, the site provides for dense development with a variety of permitted uses including but not limited to multifamily, retail, office, mixed-use, and hospitality.? There are no limits on density or lot coverage, and no requirement for open space or usable space.? Height limits range from 40 – 75 feet with the exception of block 2, which allows for heights up to 130 feet.? Additionally, structure height may not exceed 3-stories (40 feet) within 15 feet of a street right-of-way.? The maximum Floor Area Ratio (FAR) for each block is 3.50, however, through FAR transfers and bonuses, this limit can be increased to 5.00.? A portion of the property resides on top of the Holly Street Landfill, which was successfully remediated by the City of Bellingham from August 2004 to March 2005 per a Consent Decree and Cleanup Action Plan (CAP) between the Washington State Department of Ecology, the City of Bellingham and other private parties.? Pursuant to the CAP, a Restrictive Covenant was placed on portions of blocks 2, 3, 4, 5, 6 and 9, stipulating the property or any future development thereof, may not be used for ground floor residential or day care center uses, and a two-foot soil cap or equivalent structural cover (e.?g.?, building or two-inch paving layer) must be maintained on the property.? The city of Bellingham is eager to see Old Town Village be developed and has agreed to design and construct public infrastructure improvements per a Development Agreement dated February 19, 2019.? Such improvements include, but are not limited to (1) improvements to C Street, such as street surfacing, curbs and gutters, and traffic signals; (2) street improvements to 820 linear feet of Astor Street and D Street; (3) maintaining water and sewer lines capable of supporting maximum development of the property; (4) installation of stormwater drainage and collection system.? Bellingham is a rapidly growing city of nearly 100,000.? Over the past decade it has grown nearly 15%.? The city is expected to add nearly 25,000 residents over the next 15 years.? To cope with the increasing population, nearly two dozen multifamily developments totaling over 2,000 units have been built in the past five years and several hundred more are expected to come online in the next 12 to 24 months.?