Dow Constantine addresses regional prosperity at Federal Way Chamber event

Published 1:15 pm Tuesday, March 3, 2015

Businesses won’t just come to Federal Way on their own.

“We have to be aggressive, active in marketing … around the world to diversify our economy,” King County Executive Dow Constantine said to a room of over 50 people during the Greater Federal Way Chamber of Commerce’s “regional prosperity breakfast” on Tuesday.

During the event, he shared local efforts underway to rebrand Central Puget Sound to attract foreign investment and how Federal Way’s Weyerhaeuser office campus will play a role in that effort.

King County makes up more than half of the state’s economy. As a region, Central Puget Sound has all the relevant assets of a great brand, including the natural environment, world-class research universities and big name homegrown retailers, such as Starbucks, Constantine said.

But that’s not enough, he said.

“Even though we are very clear about what’s going on in this region and understand the differences between the various cities within our region, globally it’s not likely you’re going to run into somebody who immediately will understand what the Central Puget Sound is,” he said.

There’s a “growing recognition” in our region that cities must be more purposeful to promote the region globally to bring in foreign investment, he said.

Why is a regional brand so important?

“We have to attract new foreign direct investment and create jobs right here in Federal Way,” he said. “Tens of thousands of salaries in the Central Puget Sound region are currently paid by foreign-owned companies and it’s more important than ever that we establish that global brand, that identity in the minds of business leaders around the world, so that we can build connections that bring new investment and jobs to our region.”

He said one obvious way in which Federal Way will play a major part of this effort is working to fill the Weyerhaeuser office campus when the company relocates to Seattle in 2016.

“We’re fortunate that the Weyerhaeuser headquarters will continue to be in King County, but there’s no question their relocation leaves a significant void — 750,000 square feet of office and industrial space on 400 acres,” he said.

The company’s broker in charge of marketing — Seattle’s Heartland LLC — is currently working with officials to potentially find direct investment in the property from India, Constantine said.

The Weyerhaeuser property will also be a source of discussion when a local delegation heads to Washington D.C. next month for the federal government’s Select USA Investment Summit. The event targets international companies looking to invest in the U.S.

“New investments in Federal Way creating new jobs in Federal Way,” Constantine said.

He also introduced the county’s new economic policy advisor John Sternlicht, who is organizing a regional economic development summit.

The event, which will be co-sponsored with the Sound Cities Association of which Federal Way is a member, will take place in early May and will bring together 39 local cities.