The Hawk property project is flying fast and furious into Covington.

That was the update the City Council received at the Feb. 10 meeting from Colin Lund, director of development for Oakpointe-Yarrow Bay Holdings, a Kirkland firm.

Lund said Oakpointe took the site’s subarea plan approved by the city in 2014 and did a national search for planners and architects to “help realize the vision in the subarea plan. This is a unique and somewhat complicated site. It has a lot of different uses. How do you interact with the lake, commercial, multifamily?”

Lund said Oakpointe found a planning firm and “two very qualified real estate brokers… to help us define who those target tenants and who those residents will be for this project.”

According to Lund the site plan has gone through nine versions and he expects there will be more before the final plan is settled.

The Hawk property is 212 acres on the northern border of the city near state Route 18.

The subarea plan describes the project as a urban village with a mix of commercial and residential development.

The site encompasses the former Lakeside gravel mine, which is being reclaimed, an asphalt batch plant and a highway interchange.

At the council meeting Lund said once the site is reclaimed and the lake “is in the shape it wants to be” a road will be constructed.

Once the road is completed, Oakpointe’s plan is to launch commercial development first.

The project is currently planning for 850,000 square feet of commercial.

Lund said a trail system is planned that will loop around the lake and about 70 acres of park area. There are also plans for multifamily homes.

“I think it’s coming together fairly well,” Lund said. “And I think it represents the subarea plan you all approved.”

Oakpointe has submitted an annexation petition for two parcels in the subarea plan that are in the city’s urban growth area but outside of the city limits.

Lund said the economic benefits Oakpointe anticipates seeing during the 7-10 year construction phase are about “$5-7 million for commercial construction and sales tax” and $7-9 million for residential, which the city will receive a portion of.

Lund said local and regional jobs add up to more than 3,000 jobs and “$200 million in wages.”

At buildout, Lund said the project will generate $15-22 million in sales tax to the state with the city receiving a portion.

“I guess tonight, what I am saying, is we are coming fast and furious….” Lund said.

Mayor Margaret Harto said her description of the update was “shock and awe.”

Councilman Sean Smith asked about mass transit connections in the future.

Lund said there is “ample opportunity” for various transportation connections.