The City of Tacoma has implemented new zoning changes aimed at fostering multifamily development, signaling a strong commitment to addressing housing demand while supporting sustainable urban growth. These updates reflect a forward-thinking approach to urban planning, positioning Tacoma as a leader in housing accessibility and livability in the Pacific Northwest.
Key Changes in Tacoma’s Zoning Policies
The updated zoning changes introduce more multifamily-friendly regulations, making it easier for developers to build and invest in a variety of housing options. The highlights include:
- Increased Density Allowances
Tacoma has expanded allowable density in certain residential zones, enabling developers to construct higher-density housing. These changes apply to key neighborhoods and corridors, encouraging transit-oriented developments and walkable communities.
- Expanded Multifamily Housing Zones
The city has rezoned select areas to accommodate multifamily housing projects, particularly near transit hubs and commercial centers. This rezoning is expected to attract new developments that cater to a mix of income levels, from affordable housing to market-rate apartments.
- Streamlined Permitting Process
To reduce barriers for developers, Tacoma has introduced a more efficient permitting system for multifamily projects. This change includes expedited review processes for projects that meet green building standards or address affordable housing needs.
- Height and Lot Coverage Flexibility
Developers can now take advantage of relaxed height restrictions and increased lot coverage allowances in multifamily zones. These adjustments enable the construction of taller buildings with more units, optimizing land use and increasing housing supply.
- Reduced Parking Requirements
Acknowledging the shift towards sustainable transportation options, Tacoma has reduced parking requirements for multifamily developments located near public transit. This change not only lowers development costs but also supports the city’s environmental goals.
Impact on Housing Availability
Tacoma’s updated zoning policies are expected to significantly boost housing inventory over the coming years. By incentivizing multifamily developments, the city aims to accommodate its growing population while addressing affordability concerns. These changes are also poised to attract both local and national developers to invest in the area.
Opportunities for Investors
The new zoning changes present exciting opportunities for multifamily investors. With a more streamlined approval process and favorable development conditions, Tacoma has become an attractive market for those seeking to build or acquire multifamily properties. Investors can benefit from increased rental demand driven by population growth, job opportunities, and the city’s rising popularity as a more affordable alternative to Seattle.
Transit-Oriented Development Hotspots
Neighborhoods near Tacoma Link light rail stations and bus rapid transit routes are prime locations for development. These areas are expected to see heightened demand for housing as residents prioritize accessibility and convenience.
Value-Add Opportunities
The relaxed zoning regulations also create value-add opportunities for existing properties. Developers can reposition older properties to maximize unit density or enhance amenities to attract higher-paying tenants.
Challenges and Considerations
While the zoning changes are a positive step forward, challenges remain. Rising construction costs, interest rates, and labor shortages may impact the feasibility of some projects. Additionally, developers must navigate community concerns about density and gentrification to ensure that projects align with Tacoma’s vision of equitable growth.
Conclusion
Tacoma’s multifamily-friendly zoning changes mark a pivotal moment for the city’s housing market. By fostering development and encouraging sustainable urban growth, Tacoma is setting the stage for a more vibrant and inclusive future. For investors, developers, and residents alike, these changes represent a wealth of opportunities to participate in the city’s evolution.
If you’re interested in learning more about investing in Tacoma’s multifamily market or need assistance navigating these zoning updates, connect with us today. Let’s build a future that works for everyone.
