The annual meeting of West Seattle Trusteed Properties (WSTP) shareholders, held on March 27th, centered on the ongoing evolution of parking operations in the West Seattle Junction and the long-term vision for the trust's real estate holdings. While financial details were reserved for a later board meeting, discussions heavily emphasized enhancing the parking experience and exploring future development opportunities in collaboration with the West Seattle Junction Association (WSJA).

President Joe Erickson opened the meeting by highlighting the trust's mission, which includes continuing to provide parking that supports the West Seattle Junction business district and maximizing the value of their assets. A significant portion of the discussion revolved around the impact and potential improvements to the current paid parking system.

Concerns were raised by attendees regarding the usability of the existing parking technology, particularly for older individuals. One attendee noted, "older folks get real frustrated and just drive away. They don't know how to use the thing". However, efforts are underway to address these issues, with the Center for Active Living offering assistance on using the parking system.

Looking to the future, board members revealed that they are exploring alternative parking management systems. John Costacos, whose background is in the parking industry, spoke about exploring new technologies that would offers solutions that would give people 20 minutes free. "If you're a regular this would help with regular junction shoppers."

The partnership with the West Seattle Junction Association remains crucial for WSTP's strategic direction, particularly concerning the development of their parking lot assets. Erickson emphasized the collaborative nature of this process, stating they are working with Trinity Real Estate and Richard Leider to "get alignment across our board and with the West Seattle Junction Association on how we want to ultimately develop the parking lots. It's a collaborative process”

While a preliminary "massing study" analyzing the potential development and subsequent value of the lots has been conducted, its details were not shared publicly at this stage. Erickson explained the cautious approach: "We don't necessarily want to basically put that out there in the community... my sense is that we don't want to set any high or low expectations at this point. We want to gather more information". Richard Leider echoed this sentiment, emphasizing the need to "first to establish the alignment you referred to with the Junction Association because that will lead us to better understanding what the scope of the development would be when it's open and what the value would be”.

Board member Costacos also provided context on the value of the current surface parking lots, describing them as "one of the safest and best and conservative investments you can have". He further explained potential development scenarios, noting that under their lease with the WSJA, "Only one can be developed at a time. We would be adding density to the junction and adding customers”.

The meeting also touched upon external factors that could influence future development, notably the planned light rail extension. Costacos raised concerns about the potential impact of construction, stating that "Alaska Way is going to be torn up with construction. So, it's going to be what we had when we had the bridge closure, and that's going to affect all of us that own buildings and businesses here”. He was referring to the controversial plan to convert Alaska Street into a pedestrian mall accessible only by buses under consideration by SDOT.

While the meeting did not specifically disclose financial figures to the public, the focus on parking enhancements and thoughtful, collaborative development plans signaled a forward-looking approach for West Seattle Trusteed Properties and its commitment to the vitality of the West Seattle Junction. Discussions around potential parking promotions, like a "lucky parker" initiative, were also briefly mentioned as ideas for future consideration with the WSJA. 

The board is expected to further discuss these matters in their subsequent meetings.