Small town vibes, big city resources
A City on the Rise
With a population of over 213,000, Tacoma is located just 30 minutes south of Seattle in the heart of the Puget Sound Region. The city is home to companies like Columbia Bank and KeyBank, along with an eclectic mix of small local businesses. Tacoma offers a state-of-the-art public transportation system, eight higher education institutions, a massive port system, and all the utilities and amenities you need to help your business grow. Click here to stay up to date with Tacoma’s crane count!
Development Opportunity Zones
An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Six zones have been successfully filed for by the City of Tacoma and approved by Governor Jay Inslee this year.
Below are a few facts about the Opportunity Zones in Tacoma:
- 6 census zones have been federally certified for Tacoma
- 61400: Hilltop—S. 7th to 19th from L to Court F including MLK
- 61601: Old City Hall area—N. 5th to S. 15th from Court F to west side of Dock Street
- 62600: Tacoma Mall/Nalley Valley area—Generally Center Street to S. 66th from Tyler to South Tacoma Way and from Oakes to I-5
- 61602: UWT/Brewery District—S. 15th to I-5 from Court F to the west side of Dock Street
- 62400: Lincoln District area—S. 38th to S. 56th from Park to SR-7
- 940007: East Tacoma—I-5 to S. 38th from East M to the city limits
- Set the stage for increased investment/development
- Allows Capital Gains tax reductions for investors
- Investors can defer tax on any prior gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026.
- If the investor holds the investment in the Opportunity Fund for at least ten years, the investor would be eligible for an increase in basis equal to the fair market value of the investment on the date that the investment is sold or exchanged
- Click here for FAQs on Opportunity Zones from the IRS website
“At Red Quarry we compete globally and, as a result, we can choose to be anywhere. We chose to Make it Tacoma, because of the deep pool of financial services sector talent that Tacoma has and the great balance of government support, affordable cost of living, and proximity to an international airport. It really doesn’t get any better!”