From Wild Waves to warehouse. Here’s what documents say about redevelopment
AI-generated summary reviewed by our newsroom.
- Wild Waves is slated to close permanently on Nov. 1, 2026.
- The April land use application proposed a 1,034,818-square-foot industrial shell building.
- Proposal envisions up to four tenants with truck courts, parking, and landscaping.
More details have emerged concerning the future of the Wild Waves Theme and Water Park site just off Interstate 5 in Federal Way.
In December, The News Tribune reported that Wild Waves planned 2026 to be its final season after decades of operation, with the park closing to the public permanently on Nov. 1.
Though many fans hoped someone else would take on the nearly-70-acre site to continue as a local attraction, redevelopment appears to be in the form of a more than 1 million-square-foot warehouse.
The master land-use application submitted in April to the City of Federal Way calls for a “new 1,034,818-square-foot industrial shell building.”
The application said the speculative project would be designed for “up to four tenants, including office spaces, landscaping, car parking, truck docks and trailer storage.”
According to the project narrative submitted, “The building is planned as a double-loaded building with truck courts on the east and west sides of the building with trailer storage opposite each truck court.
It noted, “While the tenant(s) are not currently identified, industry norms are generally 98% warehouse and 2% associated office space which would be accessory to the main warehouse use. Building height will be +/-46’ high above finished floor at its tallest point around the perimeter of the building.”
The plan also noted the building could accommodate “up to three stories” and “designed to provide maximum flexibility for future tenants.”
The narrative also stated, “The site will be screened by 100% landscape buffers on the west side adjacent to Milton Road S., the south side adjacent to South 369th Street, and the east side adjacent to 19th Way S. There are existing mature evergreen trees and an 8’ tall solid screen wood fence that run the length of South 369th St and 19th Way S. that are being maintained to create the 100% screen buffer.”
It added, “Additional landscaping will be added, and the fence repaired as required to maintain this buffer,” and noted the east side of the building is separated from Enchanted Parkway “by an existing wetland and extensive mature trees.”
The building’s developer, Panattoni of Irvine, California, plans to lease the site, and has been active in developing warehouses in the South Sound and greater Puget Sound region. Its projects include the FRED310 industrial campus in Frederickson. Last year it sold off one of those buildings for $176 million to BentallGreenOak (BGO) of New York.
In April, Panattoni purchased a North Bend site for $9 million to develop a multi-building industrial site. Before that, it sold the Des Moines Creek Business Park for $110 million.
In a statement sent to The News Tribune via Panattoni’s media relations firm in response to questions, the developer stated, “We are excited to work on our Podium I-5 project in the city of Federal Way. This is a great community, and we think business can flourish in this neighborhood by bringing jobs and a great tax base to the city.”
The firm added, “We are planning to break ground Spring of 2027.”
Wild Waves is operated by Premier Parks, LLC of Oklahoma City, Oklahoma, and the property is owned by Jeff Stock of EPI Realty Holdings, Inc.
“It’s hard to imagine,” said Wild Waves director of sales and marketing Wes Petree, in response to questions about the redevelopment from The News Tribune. “Wild Waves has been a Pacific Northwest staple since 1977, creating generations of summer memories for families across the region ... and that legacy is something we are incredibly proud of.”
Petree added that the park remains open “and focused on delivering a full and memorable season for our guests ... with operations continuing through November 1, concluding with Fright Fest.”
In the park’s closure announcement in December, Stock said, “We recognize the deep history and emotional connection many residents have with the park, and we are committed to ensuring a respectful transition while planning a project that will bring meaningful, lasting benefits to the area.”
The Federal Way Mirror first reported on the warehouse project May 28. Stock told the Mirror that he’d initially explored hotel or convention center development, but that did not come to fruition. He told the Mirror he was looking for a project that could be quickly developed but still be a good fit for the city with “a great tenant that would provide a lot of jobs.”
