Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/732258
12 • October 2016 • Western Real Estate Business www.REBusinessOnline.com A GROWING CITY HITS IT BIG TIME WITH MIXED-USE DEVELOPMENT A population boom has inspired a development boom in one Puget Sound submarket. By Jeff Wagner F or decades, city leaders and I have watched as residents would leave town daily to work, shop and play in the bigger cities of the Pacific North- west's Greater Puget Sound Region, home to Seattle, Tacoma and Bellevue. But with increased growth bringing more than 46,000 new residents in the past five years to the Covington, Maple Valley and Kent areas — we recog- nized that our once-sleepy suburb had grown into a small city in need of its own shopping, dining and enter- tainment destination. Covington is only 19 years old and, during that time, has grown by 11 per- cent to a population of nearly 19,000. The region now supports a trade area that continues to boast record sales tax, high median income levels and an unmatched quality of life. A community with one of the high- est insured rates in the state, Coving- ton and southeast King County have become a destination for new medical clinics and a new hospital currently under construction. It is now an epi- center for two industry clusters: medi- cal and retail. Research has shown that the op- portunity for additional retail and residential development in southeast King County is now. The area has more than 236,960 households within a 20-minute drive time. Even better is the 2015 average household income of $100,861 within a five-mile radius of downtown Covington. But the most important research finding was the roughly $5 billion in taxable sales exit- ing the area annually. Covington and the surrounding communities needed a signature, retail and lifestyle desti- nation. As Mayor of Covington and an advocate for mixed-use and life- style centers that promote commu- nity building, I am excited about our partnership with developer Oak- pointe and the company's emphasis on place-making. Both the city and Oakpointe want to create a destina- tion development for Covington - a place where people would live, shop, be entertained and linger. That's why I am thrilled about The Shops at Lake- Pointe, a 212-acre, five-story project situated on an abandoned and repur- posed rock quarry within the Coving- ton city limits. LakePointe is being designed for about 1,500 residential units and 1.4 million square feet of restaurants, entertainment, fashion re- tail, office and hospitality. The Shops at LakePointe will form the centerpiece of the project and sur- round a man-made lake. The project features complex storm water man- agement systems, drought-tolerant landscaping, rain gardens and a multi- modal trail system connecting Lake- Pointe to adjacent neighborhoods for walkable access. The Shops at Lake- Pointe is targeting national bellweth- er brands for fashion, dining, movie theaters, one-of-a kind local apparel, accessory boutiques, home fashions and unique, aspirational "treasure hunting" shops for the ultimate in experiential shopping. Construction will commence in the third quarter of 2017. The Shops at LakePointe was de- signed by KTGY Architects with civil engineering services provided by Tri- ad Associates. Retail leasing services are provided by Al Mayes Properties. Once complete, we in Covington will be happy knowing our residents have plenty of options for dining, shopping, nightlife and entertainment just a stone's throw away from their front doors. Jeff Wagner, Mayor, City of Covington, Wash. LakePointe will be a 212-acre project situated on an abandoned and repurposed rock quarry within the Covington city limits. LakePointe is being designed for about 1,500 residential units and 1.4 million square feet of restaurants, entertainment, fashion retail, office and hospitality. Wagner The community is transforming into a premier internaƟonal gateway center. The second phase of a $17 million dollar project to revitalize the downtown waterfront was completed in early 2016. The redevelopment includes a waterfront esplanade, restored beach areas, and a sculptural park. The City is recognized as both a Bicycle Friendly Community by the League of American Bicyclists and Tree City USA by the Arbor Day FoundaƟon. In part from this recent transformaƟon, Port Angeles was recognized in the top 15 of Best Small Towns in the country by Livibility.com for three years running. In 2015 Port Angeles was recognized by Outdoor Magazine as runner up in the Best Town Ever compeƟƟon. Smithsonian Magazine also idenƟfied Port Angeles as one of the 20 Best Small Towns to Visit in 2016. Diversity of Commercial Retail Space Available: • Development incenƟves and design assistance programs for property owners are available including facade and signage grants; • ProperƟes are available in the heart of downtown where the City is undertaking a $17 million beach and esplanade development; • Commercial, industrial, and housing market properƟes are available with uƟliƟes; • A naturally deep harbor providing accommodaƟons for a variety of marine vessels; • More fiber opƟc capacity per square mile than any city of its size in the US. Opportunities in the PORT ANGELES Community City of Port Angeles, WA 360-417-4751 | www.cityofpa.us Over $200 Million Completed and Planned Investments in Port Angeles The Shops at LakePointe will form the centerpiece of the project and surround a man-made lake. It is targeting national bellwether brands for fashion, dining, movie theaters, one-of-a kind local apparel, accessory boutiques, home fashions and unique, aspirational "treasure hunting" shops.