A Bellevue real estate firm that has built commercial projects for Microsoft and SpaceLabs has something very different teed up: a seaside village in Ocean Shores.
Anastasiou Development on Monday announced the details of the 43-acre project called Oyhut Bay, a master-planned, mixed-use development at the south end of the Ocean Shores peninsula, which is 135 miles southwest of Seattle in Grays Harbor County.
Designed to be a walkable community, Oyhut Bay will have more than 200 cabins; restaurant and retail space. A 36-unit condo project that a previous developer built has already been completed there.
The launch of project is a sign that the second-home market is picking up again.
Stavros Anastasiou, an immigrant from Greece, and his wife Colleen Anastasiou, had built 3 million square feet of commercial projects in the Puget Sound area before the Great Recession.
“After the market collapsed, we all took a sabbatical,” Stavros Anastasiou said, explaining how it was around this time he learned about another resort community, the acclaimed Seabrook, about 30 miles north of Ocean Shores.
A bank had foreclosed on the previous owner of the Oyhut Bay property.
“We cut a deal and the price was right,” Stavros Anastasiou said, adding he and his partners on the venture, Jeff Foushee and Loch Anderson, the former owners of Foushee & Associates construction company, acquired the 43-acre property for $1.6 million in early 2013.
Anastasiou hired Qamar Town Planning of Portland, to design Oyhut Bay. Anastasiou Development’s vision is to end up with a project that looks like a traditional neighborhood with touches of a European village and turn-of-the-century American small town. Oyhut Bay is a similar concept to Seabrook but will be developed “a little differently,” Stavros Anastasiou said, explaining that his project is going up in an already developed area with the existing town of Ocean Shores around it.
Stavros Anastasiou estimates the Oyhut Village will cost a total of $75 million to develop, and said the project will be built in four to five phases, with sales for the first phase starting in July.
In addition to Qamar Town Planning, Structura Naturalis Inc., is working on the project along with Nash & Associates, a Kirkland firm that’s designing the cottages. The Oyhut Village general contractor is Brunstad Construction of Ocean Shores.