February 2, 2010
Olympia, WA – In August, NDC completed financing on a project that will create a consolidated information technology (IT) facility for the State of Washington. The facility will include a 199,000 sq. ft. office complex, a 111,000 sq. ft. data center, a 300-car underground parking garage and a 35-car surface lot on the Capitol Campus in Olympia, Washington.
The project grew out of the State of Washington’s desire to improve efficiency of governmental services through consolidation.
NDC created FYI Properties, a single-purpose entity to finance, build and maintain a facility to house the State’s previously spread-out IT facilities. The NDC approach results in lower risk and lower overall cost, due to a streamlined process and quicker build time.
The property will be leased to the State of Washington for an affordable amount, and at the end of the lease, property ownership will revert to the State of Washington.
The project is expected to be complete in August 2011.
Since 1988, NDC’s Housing and Economic Development Corporation (HEDC) has served as NDC’s development arm, financing and developing mixed-use projects, affordable housing, and other community development projects that private, for-profit developers cannot, or will not, take on.