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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 />