Wednesday, October 8, 2008

Millions available for public-private partnerships in Federal Way's downtown core: Project request deadline extended to Oct. 17

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FOR IMMEDIATE RELEASE
October 1, 2008

MEDIA CONTACT
Patrick Doherty
Economic Development Director
253.835.2612

Millions available for public-private partnerships in Federal Way’s downtown core: Project request deadline extended to Oct. 17

The City of Federal Way has again extended the deadline for a Request for Concepts for redevelopment projects in its City Center. The new deadline is Oct. 17.

Projects that include public components such as right-of-way improvements, public plazas and open space, bike or pedestrian trails and public parking could be eligible for City funding through its Local Infrastructure Financing Tool (LIFT) matching-fund award received from the State last September. The City may have up to $30 million in incremental tax revenues that will be generated within the City Center over the next 25 years through LIFT.

Comprising 414 acres, Federal Way’s City Center is bound by South. 312th Street on the north, Interstate 5 on the east, South 324th Street on the south, and the Pacific Highway South corridor on the west. The area features 2.7 million square feet of existing retail space (much of it large format), more than 650 hotel rooms, 225,000 square feet of office and 890 multifamily residential units.

While Federal Way’s downtown has seen some investment in retail and commercial projects, it has not seen the same influx of urban mixed-use developments containing a denser mix of commercial uses, together with urban housing and/or employment centers as other similar communities in the Northwest.

Federal Way leaders are pursuing a completely transformed downtown: one that is a highly urbanized, mixed-use center with a concentration of commercial uses, employment centers, housing units, civic uses, and gathering spaces that support public transportation, pedestrian activity and a sense of place.

Redevelopment concepts should serve as catalysts within this urban center and be designed to bring an active and vital mix of uses to the area in a pedestrian-friendly, transit-supportive format. Projects should also help to induce public and private investment and economic activity, effectively building off the strengths of the surrounding area and connecting to adjacent neighborhoods.

The RFC applies across the majority of the City Center. Respondents are encouraged to identify those sites that appear to be the most ready for redevelopment and offer corresponding concepts. The RFC is available www.cityoffederalway.com/bids. For more information, contact Patrick Doherty, Economic Development Director, 253.835.2612 or patrick.doherty@cityoffederalway.com.

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