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| Federal Way, Washington |
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Michael H. Myers began his career in the real estate business in 1962. During the period 1962-67, Interstate 5 was built through this area, 15 miles south of Seattle and 15 miles north of Tacoma.
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Major new interchanges were under construction that when completed would link Highway 99 with Interstate 5.
Land prices in these locations during this period ranged from $1,000 to $4,000 an acre ($.02 to $.09 psf.) depending on size and location. The adjacent map is from the archives of The Myers Company. It is the exact map used for the original research in the Federal Way area during 1964-67.
Today, Federal Way is a highly developed area of Seattle with major shopping centers, retail stores, commercial centers, office parks and other business centers. |
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One of the areas of The Myers Company's concentration was the quadrants at the intersection of Interstate 5 and Highway 18 (the major highway running east, which eventually terminates in Spokane). Four tracts in the northeast quadrant were assembled for $120,000 (with $24,000 down) and sold 3 years later for $1,000,000 cash to Weyerhaeuser. Shortly thereafter they built their international headquarters on this site.
On the southeast quadrant of the same interchange, TMC purchased a 30-acre tract for $180,000, with a net down payment of $15,000. Six months later it sold for $300,000 cash.
In the southwest quadrant, a site was purchased for $35,000 with $7,000 down. Just
27 months later, it sold for $320,000 cash.
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