Mill Pond Development Site is planned for 90 multifamily units on 3.58 acres, or 155,945 SF. NV (Neighborhood Village) zoning supports the proposed multifamily development.

Existing roads and utilities reduce upfront site work, shorten the construction timeline, and lower development costs.

The suggested unit mix includes one-, two-, and three-bedroom units, averaging approximately 1,043 square feet. An alternative scenario includes an all two-bedroom unit mix, with units averaging approximately 1,045 square feet.

Nearby waterfront initiatives, including Destination Waterfront and West Bay Yards, support continued investment, housing growth, retail activity, and public amenities in Greater Olympia.

Mill Pond Development Site is within a tract that meets eligibility requirements for the more restrictive Opportunity Zone 2.0 program. Final designations are expected by year-end 2026 and take effect January 1, 2027.

Located 10 minutes from the Port of Olympia, the site is near the Port’s Vision 2050 Action Plan, which supports regional investment, job growth, infrastructure improvements, and community amenities. Thurston County’s 2025–2030 Capital Improvement Program allocates $248 million to transportation, government facilities, site improvements, parks, and trails.

Average effective rent reached $1,846 in Q2 2026, up 24% since 2020, while remaining below Downtown Seattle’s $2,713 average. Average monthly mortgage payments of $3,714 are nearly double the submarket’s $1,846 effective rent, supporting sustained renter demand.