2017 was a banner year for Tacoma with much of it continuing into 2018. Thanks to multiple investments from foreign partners, the city saw a significant rise in commercial property and multifamily housing developments in the downtown area.
The $150 million Convention Center Hotel broke ground in 2017, set to open in 2020, is backed by Chinese investor Chun Yang, CEO of Shanghai Mintong Real Estate Company. Town Center is a $125 million project that includes housing, retail and office space and is backed by Chinese investor Luo Xun Kun. The Hailey is a $43 million mixed-use housing project located next to the Tacoma Public Library and is backed by Vietnamese investors the Hoang Quan Group. Although their ownership structure is local, The Napoleon and Point Ruston also are supported by significant shares in EB-5 investment, the federal immigrant investor program.
In addition to multifamily sector growth, 2017 saw a rise in industrial development. Three new multi-million-dollar industrial centers will open over the next several years comprising Prologis Park, IPT Logistics Center and DCT Blair Logistics Center Among others, Tool Gauge is expanding in Tacoma; Netherlands-based NewCold storage development is under construction; and Bradken is expanding in Tacoma with a total investment of $12.5 million.
A flourishing city in the Greater Seattle region, Tacoma offers business opportunities to global companies across a number of sectors.