Aircraft manufacturer Boeing Company announced last week the sale of its 19 acres of surplus land to the Gibson family of ITF Developments, which the famed company said should offer heaps of development provisions, with of course a tapestry of extensive Boeing legacy.

However, City of Renton’s Department of Community and Economic Development chief Alex Pietsch revealed that the Mercer-based property development firm have yet to submit any project proposal for developing the two parcels of land, which is bordered by Boeing-developed The Landing on its south sector.

Boeing representative Debby Arkell said that the Renton land deal should be the last for the company in the area as he revealed that the property was the only remaining land put up by Boeing for sale.

Arkell added that the Gibsons bought the property for $10 million and as public records would show, the family availed themselves of a fantastic deal since the land’s actual sale price was estimated to be $5.5 million lower from the last appraised value as determined by county authorities last year.

Earlier in March, the aircraft manufacturer offered the tract of land for development and subsequently transform the whole area as the new headquarters for the Federal Aviation Administration, giving the federal agency another option from the previous nine sites it was considering as possible HQ site at that time.

Apparently the proposal never took off and the land remained idle, which was rendered surplus in the early part of 2000s when Boeing re-engineered its Renton facilities which saw the consolidation of most of the company’s building facilities.

Boeing eventually opted to demolish all the buildings located in the surplus land and put the vacant property in the market but decided to still allocate some portions for future developments which shortly resulted to The Landing, now currently housing luxurious apartment buildings and a sprawling shopping center.

Property experts believed that the surplus land is poised to deliver sufficient development options for ITF Developments, owing to its high-end surroundings where it is sandwiched by the North Eight Street on its north sector and by Boeing structures on its south, with the Park Avenue North cutting right through the property.