OLYMPIA, Wash.—Owners of 130 acres of historic property valued at $40 million are still seeking a buyer in the troubled real estate market. The property went on sale in July and is now on auction to the highest bidder.
The property, known locally as the Olympia Brewery, borders the Deschutes River and includes more than 890,000 square feet of buildings and an aging brick structure constructed in 1934. The massive complex also includes two large-scale breweries that have their own water supply and railroad track.
Olympia Beer was brewed at the site from the turn of the 20th century until 2003, when then-owner Miller Brewing Co. shut the operation down. The sound of the far-reaching brewery whistle that had sounded three times a day and could be heard throughout the city was also silenced. Since then, the property has been backed by different financial backers and business models, including a water bottling venture. The site’s water supply comes from a pure artesian well.
The property dates back to 1896 when local business magnate Leopold Schmidt paid $4,550 for it and built the brewery for Olympia Beer, boasting the motto, “It’s the Water.”
Now the property is being put on the market and the highest bidder wins. One of the interested bidders, Mon Wig, envisions turning the site into a 500,000 square foot shopping center.
