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Cr) e--1 <br /> Cts <br /> EXISTING CONDITIONS <br /> Downtown Tacoma has experienced a renaissance in its downtown and provides <br /> an example for Everett. Tacoma issued building permits for 778 multifamily units <br /> in downtown between 2000 and 2004. Eighty-four percent of units completed <br /> through 2004 were rental units, but the condominium share is increasing. The <br /> strong increase in multifamily demand results from public investment in <br /> amenities, a Multifamily Property Tax Exemption Program, and demographic <br /> changes that drive an increase in urban housing forms (affluent retirees and <br /> young households without children). Downtown Everett will benefit from the <br /> same demographic trends and can offer similar incentives. <br /> Downtown Everett should be able to achieve the following level of multifamily <br /> development, which is comparable to Tacoma but with a discount for the larger <br /> Tacoma population base. <br /> • 80 to 110 units per year. <br /> • 1,900 units over 20 years, <br /> The primary demographic segments expected to be attracted to new housing <br /> units in downtown Everett are empty nesters and younger householders with no <br /> children. <br /> EVERETT DOWNTOWN PLAN — DRAFT 6/29/2006 19 <br />