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Council Approves 8-Year Multifamily Tax Exemption for 15-Unit Lakewood Station Project
Summary
The council voted to approve Resolution No. 2025-02 granting an eight-year multifamily property tax exemption to 11409 Kendrick LLC for a 15-unit market-rate apartment project near the Sounder station; staff said the project meets Lakewood Municipal Code requirements and includes a parking reduction due to transit proximity.
Lakewood — The Lakewood City Council on Feb. 3 adopted Resolution No. 2025-02, conditionally approving an eight-year multifamily property tax exemption (MFE) for 11409 Kendrick LLC’s 15-unit apartment project, Lakewood Station Apartments.
Becky Newton, economic development manager, told the council the project is located within the Lakewood Station District residential target area and meets the requirements of Lakewood Municipal Code Chapter 3.64, which governs multifamily tax exemptions. “It is recommended that the city council approve this resolution and authorize the city manager to sign the agreement regarding the residential target area development,” Newton said.
Newton said the three-story building has a total building area of about 11,763 square feet, 15 market-rate units and 16 parking spaces (including five compact spaces and one van-accessible stall). The Community Development Department approved a parking reduction based on the site’s proximity to the Sounder station under LMC 18C.600.610.B.4, Newton said. Permit fees are approximately $130,000 and estimated construction value is $4.5 million. The staff packet estimated annual property taxes after the exemption period at about $55,000, of which the city of Lakewood would receive about $47,100 annually beginning the first year after the exemption.
Council members said the exemption aligns with the Lakewood Station District plan to encourage housing near transit. “Incentivizing the construction of a multifamily structure in the Lakewood Station District and in fact in very close proximity to the station does that,” Council member Branstetter said, urging the council to use the tool in targeted areas.
The council approved Resolution No. 2025-02 by voice vote. No roll-call tally was recorded in the meeting transcript.
What this means: The exemption is conditional on the project meeting the requirements in Lakewood Municipal Code and on execution of the associated agreement; staff will return final contract documents for signature and proceed with permitting and inspections as the project advances.
