Lakewood IndexCity of Lakewood Economic Development newsletter Fall 2017

Central Business District Subarea PlanWhat if Lakewood had a designated downtown How would you want it to look Do you like whatrsquos there now or would you want something different The city is seeking answers to these questions and others as part of a public process

This Fall the city embarks on a year-long planning process to improve its Central Business District (CBD) This area is 290 acres and includes the Lakewood Towne Center and Colonial Center shopping areas With the adop-tion of a City Vision in 2014 the City is finalizing its strategic plan and looking to make significant improvements to its central shopping core That includes creating a true downtown with parks mixed uses increased density and community gathering spaces

A retail market analysis of the area identified factors that could impact the cityrsquos ability to steer and influence redevelopment of the outdated strip mall-style shopping complexes that comprise the commercial central business district

We encourage your input Check our website for opportunities to comment

Marriott TownePlace Suites 120-suite hotel complete with a pool and meeting room opens on Dec 5 on Pacific Highway next to the Holiday Inn

Harbor Freight Permits were issued in August for a new 14000-square-foot store next to the new Advanced Auto Parts and down the street from the new Welcherrsquos Indoor Range

Hop Jacks will open mid-November in Lakewood Towne Center

Chick-Fil-A will open in March 2018 and Firehouse Subs has secured a site at the Lake-wood Pavilion

These are just a few of the businesses wersquove welcomed in the last few months Check out our online brochure for a listing of ldquoNow Openrdquo ldquoComing Soonrdquo and ldquoIn the Worksrdquo projects and learn why Lakewood is the choice for business

Whorsquos doing business in Lakewood

Now OpenBlack Bear Diner Chronic Tacos

Chipotle Grill Party City

MOD PizzaThe Gyro Shack

Coming Soon

Smokinrsquo Zees BBQ IC Poke

Lakewood DiningLocal restaurants offer international flavors

Lakewoodrsquos culinary offerings feature flavors from around the world making it the destination for dining in the South Sound

The Gyro Shack Lakewood is home to the first The Gyro Shack establishment in the South Sound Its owners opened a previous restaurant franchise in the city 22 years ago and when it came time to expand the fast affordable Greek food franchise they came here first Made-to-order gyros are the specialty with meat carved off the spit and fresh ingre-dients Therersquos also veggie options Greek salads and hummus and pitas for vegetar-ians Address 10519 Bridgeport Way SW

Moon Rise Cafeacute

This family-owned business is open for breakfast and lunch with a focus on fresh and local Its hearty breakfast menu fea-tures a ldquoClassic Breakfastrdquo of eggs bacon hash browns and toast while lunch offerings include homemade soups salads and sandwiches Address 6020 Main St SW

Chang Thai

Therersquos something for everyone at this newly opened restau-rant Dishes come with healthy helpings of fresh herb garnish-es like basil cilantro and lemongrass and house-made dipping sauces Address 8215 Steilacoom BLVD SW

Steeped In Comfort

While Steeped In Comfort specializes in loose teas and sells them by the ounce donrsquot let its name fool you It also offers homemade soups sandwiches and delicious baked treats like scones and cookies offering the perfect lunch spot to catch up with friends Address 11016 Gravelly Lake DR SW

Kimchi Bistro

Donrsquot let the size of this quaint restaurant and its small staff fool you Kimchi Bistro offers authentic Korean food and excellent service The business is located in an existing Korean grocery store and can be difficult to find so keep your eyes peeled Address 11715 Bridgeport Way SW

Business ShowcaseCR Coachworks Chambers Creek Veterinary Hospital Hess Bakery amp Deli

Harborstone Credit UnionWhether itrsquos volunteering for street clean ups gathering school supplies or participating in Operation Turkey Drop where turkeys are delivered to Joint Base Lewis-McChord Harborstone Credit Union and its employees give back to the communities they serve

Founded in 1955 the member-owned not-for-profit organization initially served the regionrsquos military members By the 1980s it built its first location off base in the heart of Lakewood By the mid-1990s it was granted a community charter allowing it to expand membership to the general population

Today Harborstone serves its 80000 members with branches in Pierce Thurston and King Counties and employs 240 people One hundred of those are in the Lakewood area Read more

JampJ Autobody

When JampJ Autobody opened 42 years ago on South Tacoma Way the auto repair business had one building with three stalls Today its operations are spread across 38000 square feet of real estate and four buildings ndash the body shop paint shop frame shop and detail shop The business also has 16000 square feet of fenced storage

Owner Bill Jensen has come a long way from that first day of work when he was ldquopushing a broomrdquo around the shop he opened with his brother Despite the growth hersquos remained focused on his customers using the saying ldquostill small enough to carerdquo as a guiding principle

Instead of advertising Jensen relies on word of mouth and its reputation over the years as the place to go to have a car repaired Read more

Aacres LLCAacres LLC has a simple philosophy We say lsquoYesrsquo Since purchasing Aacres in 2014 Embassy Management LLC has established an accommodating environment focused on meeting client needs Thatrsquos important because Aacres has a goal to serve ldquoevery indi-vidual that comes to usrdquo

Founded in Lakewood in 1974 Aacres provides community support for people with developmental disabilities Its focus is to con-nect clients with residential services with the intent to give them as much power choice and independence as possible Clients range from high-functioning with minimal need for assistance to those who need care 24 hours a day seven days a week Read more

Business ShowcaseCR Coachworks Chambers Creek Veterinary Hospital Hess Bakery amp Deli

Harborstone Credit UnionWhether itrsquos volunteering for street clean ups gathering school supplies or participating in Operation Turkey Drop where turkeys are delivered to Joint Base Lewis-McChord Harborstone Credit Union and its employees give back to the communities they serve

Founded in 1955 the member-owned not-for-profit organization initially served the regionrsquos military members By the 1980s it built its first location off base in the heart of Lakewood By the mid-1990s it was granted a community charter allowing it to expand membership to the general population

Today Harborstone serves its 80000 members with branches in Pierce Thurston and King Counties and employs 240 people One hundred of those are in the Lakewood area Read more

JampJ Autobody

When JampJ Autobody opened 42 years ago on South Tacoma Way the auto repair business had one building with three stalls Today its operations are spread across 38000 square feet of real estate and four buildings ndash the body shop paint shop frame shop and detail shop The business also has 16000 square feet of fenced storage

Owner Bill Jensen has come a long way from that first day of work when he was ldquopushing a broomrdquo around the shop he opened with his brother Despite the growth hersquos remained focused on his customers using the saying ldquostill small enough to carerdquo as a guiding principle

Instead of advertising Jensen relies on word of mouth and its reputation over the years as the place to go to have a car repaired Read more

Aacres LLCAacres LLC has a simple philosophy We say lsquoYesrsquo Since purchasing Aacres in 2014 Embassy Management LLC has established an accommodating environment focused on meeting client needs Thatrsquos important because Aacres has a goal to serve ldquoevery indi-vidual that comes to usrdquo

Founded in Lakewood in 1974 Aacres provides community support for people with developmental disabilities Its focus is to con-nect clients with residential services with the intent to give them as much power choice and independence as possible Clients range from high-functioning with minimal need for assistance to those who need care 24 hours a day seven days a week Read more

Economic IncentivesWhy you should choose Lakewood

Local Incentives State Federal Incentivesbull Strategically located Ports of Seattle Tacoma

bull No local BampO Tax no development impact fees

bull No added minimum wage requirement

bull FREE commercial construction watch program

bull FREE business watch program retail

bull Low business licensing fee

bull Within Foreign Trade Zone 86

bull HUD Section 108 lending program

bull HUB Zone EB5 Foreign Direct Investment New Market Tax Credit eligible areas

bull Two colleges Pierce College amp Clover Park Tech

bull Workforce customized training

bull Direct Sounder commuter rail service to Seattle

bull $50 million capital improvements planned

bull Multifamily Tax Exemption Program

bull Diversified residential opportunities

bull Site selection ldquowrap-aroundrdquo business services

bull Beautiful parks lakes and open spaces

Attend an upcoming forum

Minimum Wage Increase and Sick Leave Implementation ForumNovember 16 8-10 amLakewood City Hall 6000 Main St SWEvent details

Did you knowThe Tacoma Country and Golf Club was established in 1894 to attract the rich and famous The first golf club west of the Mississippi it featured trolley transportation from Tacoma to the playground on The Prairie The Oakes Pavilion on Lake Stei-lacoom opened in 1923 offered boating bathing and picnic grounds In 1938 develoepr Norton Clapp converted it to the Lakewood Ice Arena

bull No corporate income tax

bull No personal inventory or unitary taxes

bull Sales Tax exemption on machinery amp equipment

bull Manufacturing technology amp green credits

Federal Work Opportunity Tax Credit (WOTC)

State of Washington BampO Tax or Public Utility Tax (PUT) Credit for Unemployed Veterans

Job training funds are available through any of our licensed educational institutions The state of Washington Job Skills Program grants half of the training costs which are matched equally by the employers

The Washington Small Business Credit Initiative is a collec-tion of financing programs the newest of which is a Col-lateral Support Program to encourage local banks to lend funds to small businesses The program is aligned with SBA 504 loans and provides cash collateral for small businesses to help them qualify for bridge loans into SBA 504 loans

To find out how you can take advantage of these incentives and more contact the City of Lakewood Economic Devel-opment office at 253-983-7738

Economic IndicatorsA snapshot at Lakewoodrsquos economic climate

Becky NewtonEconomic Development Managerbnewtoncityoflakewoodus253-983-7738 cityoflakewooduseconomic-development

Full report

Lakewood Pierce County Lakewood Pierce CountyKing CountyVacancy Rate 38 40 46 52 52 56Cap Rate 65 61 48 74 66 51

Studio $662 $943 $1330 $606 $830 $11341 Bedroom $819 $983 $1538 $700 $838 $12812 Bedroom $1011 $1180 $1834 $862 $1003 $15203+ Bedroom $1460 $1500 $2059 $1197 $1274 $1834

Multifamily

ASKING RENTS

Survey (1115-8117) King County

5-Year Average

Median sales price $288000Avg list price $324000Active listings 95

Gravelly Lake Dr amp 100th St 19345Pacific Hwy amp 108th St 23572S Tacoma Way amp Steilacoom Blvd 29398

JBLM 55000Madigan Army Hospital 5200Western State Hospital 2206Clover Park School District 1629Pierce College 1308 Camp Murray 980

St Clare HospitalFranciscan 907Aacres WA LLC 562McLane Northwest 436Greater Lakes Mental Health 358Walmart Supercenter 341

Population 58800Daytime population 92069Median age 36Avg family income (2015) $74705Graduation rate 90 percent

Largest Private Employers

Largest Public Employers

General Demographics

Avg Daily Traffic Volume

Residential Real Estate 2nd Qtr