Instead of the water slides and attractions that for decades delighted visitors near Seattle, nearly 93,000 square meters of industrial warehouse will soon occupy the Wild Waves park site in Federal Way. Lot owner Jeff Stock decided to close the theme park — which ceased operations in November — and lease the land to developer Panattoni Development Company, which specializes in warehouse properties. The move surprised locals, who had hoped the site might become a hotel or an exhibition center, but those options failed to attract investors.
Stock said he considered alternative projects but was afraid of leaving the property idle, so he agreed to the warehouse plan. Local press reports say Panattoni Development Company will undertake a complete redevelopment of the site and will manage future tenants. Park operator Premier Parks of Oklahoma, which ran Wild Waves, previously said the closure was tied to rising operating costs after the pandemic that made keeping the park open unprofitable.
The decision reflects regional trends: vacancy is rising and rents are falling in Seattle’s industrial real estate market. In south King County, where Federal Way is located, the share of empty warehouses has reached 10% — the highest level in recent years. Analysts link this to high fuel costs and an overall economic slowdown, which is pushing landowners to seek more in-demand uses for their properties.
Based on: What’s next for Federal Way theme park Wild Waves?