TACOMA, Wash. — At an economic development showcase in Tacoma's LeMay museum Wednesday, all talk was about a city that's booming and building. And an increasing amount of the money fueling that growth is coming from China.
“Now that the economy is becoming more stable you’ll see more interest in Tacoma,” said Marilyn Strickland, the city’s mayor. “I think what’s really exciting is that once we start to get the first few investors that are foreign, we’ll get attention from other foreign investors as well.”
Strickland recently returned from a trip to woo Chinese investors and says it's paying off.
Chinese backers are putting up cash for a 135 unit apartment and retail complex touted as a town center for what is now a vacant lot on Jefferson and south 21st near the University of Washington campus. Chinese money is also expected to back a hotel near the city's massive but under used convention center.
Tacoma's connections in China are growing. President Xi Jinpin even made a stop in the city during his U.S. tour last year. But some locals have been critical of using Chinese cash for development projects in the city.
Opponents of a now-canceled methanol refinery in the Port of Tacoma railed against using Chinese money to back that project.
But Strickland says in a growing city cash sometimes has to come from out-of-towners.
“You see foreign direct investment in Seattle and Bellevue and I think it’s time for Tacoma to get some of that as well,” said Strickland.
Cox Media Group
