At its virtual study session May 11, 2020 the Lakewood City Council received an update from Economic Development Manager Becky Newton on the progress of Lakewood Landing, a redevelopment effort planned for Lakewood’s Station District.
Located on Pacific Highway between its intersection with state Route 512 and Bridgeport Way SW, Lakewood Landing comprises 30 acres. The city’s vision for this property is to create a mixed-use development, rich in amenities for residents, businesses and the surrounding neighborhoods.
A fiscal benefits analysis and market analysis show great potential for the site.
Currently the state Department of Transportation owns property within the developable area for its maintenance facility. The city and state reached an agreement to sell the property and relocate the facility elsewhere in the city.
With this key piece of property now available for redevelopment, the city is moving forward with recruiting a developer to bring its vision for this corridor to life.
That includes creating a project that enhances the commercial district and contributes to the social, environmental and economic health of the community, setting the bar for new development in Lakewood.
This area is an integral part of the Lakewood Station District, a subarea identified within the city’s Comprehensive Plan as a priority for economic development and housing to maximize public transit.
The city would like to see retail, office space and housing added to this premier location which has immediate access to Interstate 5 and is adjacent to the Sound Transit Lakewood Station where Sounder commuter rail connects north to Seattle.
Redevelopment of this site is one of the city’s highest priorities. The city will actively participate in and facilitate the project through various incentives, including accelerated permitting, infrastructure capital contributions and staff support, working with the chosen developer to bring the vision of Lakewood Landing to reality.