Joshua Freed and Michelle Connor, Executive Vice President of Forterra, announced today an historic agreement that allows Forterra to purchase the 39-acre back nine of the Wayne Golf Course, along the Sammamish River, averting imminent development of the property.
“I am pleased we were able to come to terms with Forterra, allowing this historic opportunity to secure the back nine of the Wayne Golf Course,” said Joshua Freed, speaking on behalf of the investor group which has agreed to sell the property.
While a conservation easement limits development on 46 acres of the 50-acre front nine, Forterra is interested in financing the purchase of the entire property to provide the community an opportunity to creatively structure a permanent preservation strategy to support a variety of publicly-accessible uses and habitat restoration actions which will put the Wayne land at the very heart of the community.
“The back nine is only half of the equation,” said Connor. “Forterra will turn our efforts to the front nine shortly, as the community aspires to permanently secure the entire 89-acre property for all it can offer for recreation, habitat and community character.”
The 89-acre Wayne Golf Course offers vistas from the Burke-Gilman Trail, includes nearly one mile of critical salmon habitat along the Sammamish River, an historic apple orchard and farmhouse, acres of woods and a scenic golf course dating from the 1930s.
Forterra has until Aug. 6, 2015 to complete an appraisal to confirm the property value, evaluate the property, and secure financing, with closing to occur no later than Aug. 20, 2015. If the parties can complete the transaction, Forterra will reach out to OneBothell and the City of Bothell, King County and the State to craft and fund a permanent conservation outcome that meets the various stakeholders’ respective objectives.
“We are on a short timeline and must move quickly. I am pleased we were able to reach a fair and workable agreement for both sides, and we sincerely appreciate the efforts of Mr. Freed to persuade the investment group which controls the back nine to reach this agreement with us,” noted Connor. “In addition to pursuit of an agreement on the front nine and due diligence on the back nine, in the next 10 weeks Forterra will work with OneBothell to recruit guarantors and financing to conserve the entire Wayne Golf Course property.”
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Forterra serves as a regional leader for sustainability with a 100-year vision and action plan. Over Forterra’s 25 year history the organization has permanently protected 238,000 acres of working lands, rivers, streams and forests throughout the region—lands that were at risk from future development. In cities and towns, Forterra applies this same tool set to capture select real estate opportunities to ensure communities’ desired health and sustainability objectives, including potential economic development, arts or cultural facilities and affordable housing.