Warehouse Sold at South 25th and C

It appears that a developer has purchased the warehouse at 2502 South C Street.  Our tipster did some looking around and found that the new owner is named as ON THE WATER, LLC.  A wee bit more looking around linked On The Water to Wade Perrow Construction of Gig Harbor.  Wade Perrow is involved in the Pantages remodel.  What does it mean?  What will he be doing to the site?  An office? A hotel? leave it be?