The north Carolina-based company is planning to build a ground distribution center for FedEx in Redmond.
SunCap Property Group of Charlotte, N.C., acquired 24 acres of vacant land at 18795 N.E. 73rd St. for $16.87 million.
Dennis Lisk, associate planner for the city of Redmond, said SunCap is planning a 212,000-square foot building for FedEx.
Representatives of SunCap did not return several phone calls requesting comment.
The architect is Freiheit & Ho of Bellevue and the general contractor is Sierra Construction of Woodinville.
SunCap has submitted a building permit to the city, Lisk said, and plans to start construction once the review is complete.
The center is expected to open in the summer or fall of next year. Lisk expects the business to employ 200 people at first, ramping up to 400 a few years later.
SunCap is a real estate investment and development company. Its website says it specializes in build-to-suit industrial and office facilities, and has developed projects in North Carolina, South Carolina, Virginia, Georgia and New York.
The land was previously owned by an entity related to the Taylor family of Redmond. It was part of 60.6 acres the Taylor family owns. In 2007, the family reached an agreement with the city to develop or sell the property, Lisk said.
This site would be the first of six parcels to be developed. A CostCo store was originally proposed for a portion of the land, but that plan fell through.
As part of its agreement with the city, the Taylor family will extend 188th Avenue Northeast and Northeast 76th Street for better access to the site.
There are other industrial users in the area, Lisk said. The construction material compnay Cadman has its administrative offices, a store and a concrete mixing location just north of the proposed FedEx location. To the south is the Genie Industries plant, where aerial lifts and other construction equipment are manufactured. UPS also has a distribution site nearby.
These industrial uses are bordered on the southeast by the Woodbridge neighborhood, and residents have been vocal throughout the planning process about noise and other impacts.
“They are very concerned about additional truck traffic being added,” Lisk said.
To offset some of these impacts, SunCap will build berms to create a visual and sound barrier between the site and the neighborhood. Trucks will be routed away from the neighborhood to reduce traffic.