Kent-Des Moines Station

www.colliers.com

Sam Wayne

Senior Vice President sam.wayne@colliers.com +1 206 351 7656

2703 S 240th St, Kent, WA 98032

The Offering

Photos

Location

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Investment Overview

Colliers Capital Markets Group is pleased to present the opportunity to acquire approximately 126,000 square feet (2.89 acres) of MTC-1 zoned land in Kent’s Midway subarea — a rare large-scale, transit-oriented development site under half a mile from the Kent–Des Moines Link Light Rail Station, which opened for revenue service in December 2025. Held in single ownership across three contiguous parcels with frontage on four streets, the site sits within one of only two areas the City of Kent has designated for multifamily property tax exemption. As one of the largest remaining redevelopment opportunities along the Pacific Highway corridor, it offers a rare chance to deliver much-needed housing in one of South King County’s fastest-evolving transit submarkets.

Executive Highlights

AN UNENCUMBERED ENTITLEMENT PATH

Development in Midway carries no affordability covenant today. When Kent implements HB 1491 — enacted 2025, with a Puget Sound compliance deadline of December 30, 2029 — station-area projects will take on a 50-year affordability requirement in exchange for added density. A project entitled under current MTC-1 rules avoids that obligation entirely.

A CORNER THE CITY ZONED AND INCENTIVIZED

Midway is one of only two residential targeted areas Kent has designated under KCC Ch. 3.25, carrying 8- and 12-year multifamily tax exemptions on new residential improvements. The designation was created expressly to draw density to the station ahead of light rail.

Operating Light Rail at the Doorstep

Kent–Des Moines Station opened December 2025, less than half a mile walk away, with direct Link service to SeaTac, downtown Seattle, and the U-District. The connectivity is in place today — not underwritten as a future promise.

Preliminary Massing Study

Dylan Luxenberg

Associate dylan.luxenberg@colliers.com +1 253 973 5094

Access Deal Room

Jeff Jeremiah

Senior Vice President jeff.jeremiah@colliers.com +1 425 453 3123

Access Deal Room

Property Location

Kent Des Moines Station Development Site

PUBLIC INVESTMENT ALREADY LANDING

Sound Transit and the City are delivering a mixed-income node at the station, anchored by Mercy Housing’s 233 affordable units — the corridor is building out now.

SCALE THAT NO LONGER EXISTS IN THIS WALKSHED

2.89 contiguous acres under single ownership — among the last assemblages of this size inside the station’s walkshed. Large enough for an institutional single-phase project or a phased delivery.

Flexible Zoning No FAR Limit

MTC-1 governs by height and coverage rather than floor area ratio, permitting market-rate and affordable multifamily, senior housing, hotel, and townhomes to 65 feet. One site serving multiple business plans and multiple buyer pools.

Source: Weber Thompson 24-059