Page 12 - FDI Alliance International Magazine | September 2018 1

Living in Lakewood
Whether you are looking for affordable, or high-
end lakeside living, there is a home for everyone in
Lakewood. Our mature neighborhoods are filled with
native Douglas fir and oak trees, offering beautiful
and quiet settings that make you feel like you’re
away from it all. Yet, shopping, entertainment and
restaurants are only minutes – or walking distance
– away. A favorite Lakewood destination for locals
and visitors alike is Fort Steilacoom Park with its
hiking trails, award-winning dog park, ball fields,
historic barns and our new Pavilion in the Park, an
outdoor amphitheater. The park is home to many great
events including our annual Lakewood SummerFEST
which drew 42,000 visitors in 2018. The city hosts
numerous, family-friendly events at Fort Steilacoom,
including our fall Truck and Tractor Day and our
summer concert series at the pavilion. In 2019 we
look forward to hosting the US Cyclocross National
Championships, which is expected to draw up to
Lakewood, washington 10,000 spectators and competitors from around
the country. And of course, water sports on the lakes
and fishing are also regional draws.
rich in history anD opportunity incentives and Opportunities

Lakewood was recently granted three Opportunity
Zones, a federal government designation to entice
long-term investment in depressed areas. Want to
Diverse in culture, strong in leadership and rich in history, Lakewood, Washington is a community beaming
build multifamily projects? There are parts of the
with nature and abundant opportunity. Lakewood truly is and up-and-coming hidden gem in the Puget Sound
city that offer a multifamily tax exemption for eight
region of Washington state, with target areas for development and significant investment opportunity.
or 12 years, depending on the project scope. HUB
Adjacent to major transportation networks with close connections to Seattle to the north, the ports of Tacoma
Zone, New Market Tax Credit areas, and EB5-eligible
and Seattle and military installations, Lakewood is the second-largest city in Pierce County. Incorporated
areas are all available in Lakewood. Land prices
in 1996, Lakewood is home to 60,000 residents and 5,000 businesses and is the host community to Joint
are relatively low compared to neighboring cities,
Base Lewis-McChord, the largest joint military base on the West Coast and one of the largest in the United
and while Lakewood is essentially built out, there
States. The city is 19 square miles with 2 miles of beautiful lakes and 14 parks. are still tracts available and multiple areas ripe for
international District redevelopment.
Lakewood has a thriving International District that is predominantly Korean, yet boasts multiple cultures. Rich in History
Visitors come from outside the state to attend our annual International Festival and film festival, to shop Before Lakewood was Lakewood, locals knew it as “The
at our one-of-a-kind markets and enjoy authentic cuisine from around the world. Prairie” because of its vast open fields. Steilacoom
Building a downtown and Nisqually Indians used the prairie as a ready
source of food and held gatherings before white
Lakewood does not have a true downtown, but the city recently completed a Downtown Subarea Plan with
hunters, trappers and settlers moved in.
the goal to create a rich, urban central gathering place with civic amenities, walkable streets and a mix of
uses including housing, entertainment, restaurants and retail. The new Downtown will include a central park,
green street loop, and festival street to host outdoor farmers markets, concerts and serve as a backdrop
to café patios and other specialty shops.
Woodbrook Business Park
Currently under development is a 160-acre industrial business park. A 467,000-square-foot spec building
was permitted and built last year and is already fully leased. Another 1.2 million square feet are planned.
The park will meet the high demand for industrial space in our region. Woodbrook, like the rest of the
city, is included in foreign trade zone No. 86 which allows for free trade within the zone – one of the many
incentives for locating to the area.
Lakewood industrial lands total 800 acres, including the Lakewood Industrial Park (LIP) with 150 acres
and 2.5 Million square feet of leasable space. LIP employs more than 1,600 people and is the fourth largest
for-profit employer in Pierce County.

12 FDI ALLIANCE | SEPTEMBER ISSUE 2018