Invest in Lakewood

Where We Are

Lakewood is the second largest city in Pierce County, Washington. It is strategically located between Seattle-Tacoma International Airport and Olympia, the state capital. The city has six miles of Interstate 5 freeway frontage with six exits as well as being the terminus of SR-512, a major state highway connecting Lakewood with east Pierce County markets and Mount Rainier, the most popular tourist destination in Washing­ton. Lakewood is the gateway to the celebrated Chambers Bay Golf Course, home of the 2015 U.S. Open.

Who We Are

Lakewood has 60,000 residents, over 3,200 businesses, and three retail trade areas – Towne Center/Colonial Center, Pacific Highway and the International District. Lake­wood is the host community to Joint Base Lewis-McChord, one of the largest military installations in the United States, and Camp Murray, headquarters of the Washington State Army and Air National Guard. America’s Promise Alliance has named Lakewood five years in a row as one of the nation’s One Hundred Best Communities for Young People.

Economic development and job creation are top priorities for the City of Lakewood. The City has established a positive business climate to help Lakewood businesses compete in the marketplace. For example, Lakewood has no development impact fees or Business & Occupation (B&O) tax, an approved EB5 Regional Center to promote private investment, and ‘wrap around service’ to help businesses navigate the permitting process, apply for financing, and recruit a trained workforce.

Where We’re Headed

In the evolution of every city, there are areas ripe for new development and redevel­opment. Lakewood has identified strategic business locations and residential neigh­borhoods for concentrated economic development activity aimed at attracting private investment. Targeted locations include, in part, Pacific Highway, the International District, and Woodbrook for retail, commercial and industrial uses and the residential neighborhoods of Springbrook, Kendrick, Lakeview and Lake City for revitalization and new housing.

Understanding that public infrastructure is a critical engine of economic development, the City has made significant public improvements to attract private investment. Recent improvements include a new fire station, street improvements (curb and gutter, bike lanes, landscaping, lighting and storm drainage), and partnering with Sound Transit on the Lakewood Transit Station, a $33 million multi-modal transit center with regional commuter rail / express bus service, and a 600+ stall commuter parking structure.

 

Lakewood’s Competitive Advantage

  • Located just 32 miles from Seattle-Tacoma International Airport, 13 miles from the Port of Tacoma (7th largest port in North America) and 24 miles from the state capital in Olympia and the Port of Olympia.
  • No Business & Occupation (B&O) tax and no development impact fees.
  • An approved EB5 Regional Center to promote private investment.
  • Areas that qualify for Foreign Trade Zone #86 adminis¬tered by the Port of Tacoma.
  • Multi-Family Tax Exemption (MFTE) to encourage high-density urban residential development in selected areas within the City.
  • Joint Base Lewis McChord, a pivotal base for operations in Asia with over 30,000 uniformed and civilian employees, located adjacent to the City.
  • More than 9,000 non-Department of Defense civilian contractors associated with Joint Base Lewis McChord that utilize local services.
  • Pierce Community College and Clover Park Vocational College train and support an educated workforce • Award winning school district.
  • A wide variety of homes available in price points from affordable to executive.

To learn more investing in Lakewood, check out these resources:

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