Allen & Company, LLC was retained in 2001 to liquidate approximately
4,000 acres of land located in Thurston and Jefferson Counties in
Washington which had been dormant for years. This was a unique assignment
in that the owners gave Allen complete authority to review each of
the properties, ascertain whether or not to seek further entitlements,
develop and implement entitlement strategies, develop and implement
marketing plans, create pricing strategy, negotiate price and terms,
execute purchase and sale agreements and ultimately manage the closing
of each sales transaction. The significant parcels consisted of approximately
1,300 acres in Thursday County (Maytown Aggregates) and Dan Dar Ranch,
which was comprised of approximately 1,600 acres.
Allen's success included, among others, the permitting of Maytown
Aggregates which consisted of a 20.6 million cubic yard sand and gravel
quarry, a clean-fill depository for 2.5 million cubic yards of material,
and a 100,000 ton per year concrete and asphalt recycling center.
These permits received unusual support from the environmental community
as well as the support of the Washington Department of Fish and Wildlife,
since it resulted in the protection of significant habitat.
The Maytown Aggregates
site was sold to the Port of Tacoma in 2006 and the 1,600 acre Dan
Dar Ranch was sold to one of North America's largest Alpaca ranchers,
within 12 months of Allen being engaged.
In 2001, the appraised
value of all of the properties was $2.88 million. Allen & Company,
through its value enhancement efforts, ultimately disposed of the
properties for a total of $29.4 million. The last sale closed in
July of 2006.
Valley, 30 miles east of Seattle, Washington, is a 91 home-site, 500
acre high-end rural community in the foothills of the Cascade Mountains.
The property has outstanding views of the upper Snoqualmie Valley,
cascading waterfalls off of Rattlesnake Ridge, and the rugged peaks
of the Cascade Mountains.
Allen was hired
by WAMCO, a Weyerhaeuser Real Estate Company subsidiary, as the
fee developer of the property. Allen's role was to oversee all facets
of the development of the property from the initial conception of
the master plan to the final disposition of the home sites. This
project was a pioneering effort in its market place due to its location,
scale, and high price point. Today the property contains extraordinary
2.5 to 20-acre private estates, with houses ranging in size from
3,500 to 14,000 square feet.
Valley not only found terrific market acceptance but set new standards
for both quality and pricing for large-lot communities in Western