For years Puget Sound Energy and The Boeing Company have utilized much of the Renton's Waterfront and adjacent areas. Today, it is developing into a center for retail, and office-space developments. Between 2002 and 2004, The Boeing Company vacated about 900,000 square feet of space, leaving Renton with a 30 percent office vacancy rate.
Renton City Hall
Renton is the fifth largest city in King County. It is centrally located, accessible by four state highways and interstate 405 and just mints away from Seattle, Bellevue, Tacoma, and SeaTac Airport. The city's population has grown 27 percent in the past 10 years to about 58,000
According the Renton Chamber of Commerce that Renton's relatively affordable land costs, the large portion of unincorporated King county that may annex into the city, the growing population, and the diversity of Renton's residents as contributors to the city's bright future.
A recent economic forecast prepared by Douglas Pederson and Associates (March 2007) indicates that Renton is expected to continue to expand the community's vibrant economy. Some of highlights are:
* The city's population growth rate will average more than twice the King county pace.
* The number of housing permits issued in Renton grew 55% from 1999 through 2005 versus 12% for King County.
* Current unfilled orders of Boeing 737's total 1,449 equal to 4.5 years of production.
* During the next few years Renton will experience more robust growth across - the board, as faster job creation lifts both population and taxable retail trade sales.
Renton's 2007 total property tax rate is $10.94 per thousand dollars of assessed value. This compares to favorably with other nearby cities, including Kent ($11.30), Tukwila ($11.94), and Auburn ($11.47).
The city of Renton doesn't have a business & Occupation (B&O) tax. However, any business located in the city of Renton is required to have a business license. Renton is still relatively affordable compare to Seattle and Bellevue. It seems obvious that business will begin to move south, searching for more room, and better rates.
New Projects in Renton
The Landing: On a 46-acre site at the south end of lake Washington, Harvest Partner is now constructing The Landing a exciting new $300 million urban village. The development will contain over 600,000 square feet of retail shopping, restaurant, and entertainment venues, plus 900 residential units now under construction by Fairfield Residential. It is expected that the first phase of construction will be completed in fall 2007, and phase II in Spring 2008.
Southport: Southport is a mixed-use development being built on 17.5 acre along shore of Lake Washington. When completed Southport will include 750,000 square feet of class "A" office space in three, nine story towers, a boutique hotel, 395 residential units at the Bristol, shops, a waterfront Special Event Site and residential. Phase I of the Bristol was completed in 2002 and phase II is now under construction
Port Quendall: With more than 60-acres of waterfront property, Port Quendall is one of the largest pieces of development land on Lake Washington. Located on the southeastern shore of Lake Washington, Port Quendall is comprised of three properties that were once home to Sawmill, Coal Tar Refinery, and Creosote plant that contaminated the land. Since the mid-1990's the city of Renton has been working with the property owners and potential developers to try to clean up the site and develop the land.
There are two premier projects that have begun construction; both will be wonderful additions to lake Washington and a source of pride for the City of Renton. The New Seattle Seahawks World Head Quarters and Training Facilities, and Lake Barbee Mill Washington's new waterfront community
Source: City of Renton
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