Economic showcase to highlight development plans

Highlighting recent and planned developments, as well as opportunities for developers and investors, the city of Tacoma’s Community and Economic Development Department will host an Economic Showcase on June 1, from 8–11 a.m., at LeMay: America’s Car Museum (2702 E. D St. in Tacoma). The event is expected to draw more than 150 brokers, developers, investors and tech-savvy businesses.

Mayor Marilyn Strickland will speak on the more than $275 million in planned investments from foreign developers.

Other hightlights include:

Portland-based brewer McMenamins will discuss plans for the restoration of the Historic Elks Lodge.

Local residential developer Loren Cohen will detail the success of the Point Ruston mixed use development and why it makes sense now more than ever to develop housing in Downtown Tacoma.

University of Washington Tacoma real estate director Patrick Clark will layout the organization’s blueprint for expansion in the future.
Representatives from the City’s Community and Economic Development Department, and other community leaders, will also be in attendance to share information and answer questions.

“Tacoma is seeing tremendous economic growth,” said Community and Economic Development Director Ricardo Noguera. “We’re seeing a vacancy rate of less than 2 percent in downtown residential properties and residential rents that have risen above $2 per square foot. Residential rents for newer units are now at more than $2.30 per square foot. We’re also seeing a dramatic upswing in development activity in our Brewery District, which is evolving steadily into an area much like Portland’s Pearl District or San Francisco’s South of Market. Now is the time to invest in Tacoma.”

Event details are available through Chrisy Vindivich in the Community and Economic Development Department, or (253) 591-5141.