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Lakewood council approves 12-year multifamily tax break for Alliance Residential project at Town Center
Summary
The Lakewood City Council voted to conditionally approve a 12-year multifamily tax exemption for Alliance Residential’s planned 309-unit rental project at Town Center, with staff to add language for transparency about the 20% affordable-unit requirement tied to state law.
The Lakewood City Council on July 21 conditionally approved Resolution 2025‑11 to authorize a 12‑year multifamily tax exemption (MFTE) for the Alliance Residential project at Lakewood Town Center, a 309‑unit rental development with an estimated $90 million total investment. The motion was made by Council member Bokey and seconded by Council member Pearson and carried by voice vote.
The developer’s application and the conditional certificate reference the 12‑year MFTE under state law, which requires a minimum 20% affordability set‑aside to qualify for the 12‑year exemption. Becky Newton, the city’s economic development manager, told council staff will correct scrivener errors in the agreement and…
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