Longtime KP pizzeria to change hands. Here’s what to expect from new owner
A decades-old Key Peninsula pizzeria will close this weekend, but it will be replaced immediately by another one.
The owner of Tacoma-based Puget Sound Pizza, Cory Cannell, has purchased Figaro’s Pizza at Key Center, 9023 Key Peninsula Highway NW.
PSP, as it’s known by locals, started in downtown Tacoma in 2010. Cannell took over in 2016 and in 2023 expanded to Lakewood, replacing another longstanding Italian restaurant, Pizza Casa.
The new Key Peninsula location will differ from the others, which each have a bar with pull tabs and frequent karaoke nights, Cannell told TNT Diner in a phone call this week. The Key Peninsula location is on the small side, with no real dining area, so it will be takeout-only. Customers can order pickup online or by phone, or get delivery via third-party apps like DoorDash.
The menu will be the same as in Lakewood and Tacoma, said Cannell — minus sandwiches at first, as he awaits the approved update to the food permit with the Tacoma-Pierce County Health Department.
In addition to build-your-owns (starting at $13.99), signature pizzas (10-inch and 16-inch, $16.99-$38.99) feature toppings like artichoke hearts, feta, chicken, garlic, sundried tomatoes and mozz in the Hipster; pickles, bacon, parm and more pickles over an alfredo sauce base on the Big Dill; and salami, red onion, pepperoncini, bell peppers and basil on the Bandini. Every month brings a new pie — currently it’s a smoked salmon with havarti; others include a French dip with roast beef on garlic butter, a breakfast-y Hangover with sausage and eggs, and one inspired by a loaded baked potato. The pizzeria turns a few flavors into calzones ($15.99) and offers gluten-free crust (10-inch only, $16.99-$21.99).
Other bites include cheesy garlic bread, cheese balls made with hand-rolled dough, wings, pasta bread bowls and salads.
PSP first shared the news on Instagram last weekend. On neighborhood Facebook groups, the reaction was mixed, with some locals excited for the shakeup.
Figaro’s has served the area since the 1990s, according to state business filings. The listed owner, Donald Stolz, did not immediately respond to a request for comment on the sale. The franchise has two other Washington restaurants, in Everett and Rochester, but more than a dozen locations in Oregon, according to its website. It expanded to India starting in 2022, per a news release.
It wasn’t the only pizzeria on Key Peninsula, but it was the only one on the south end. Seabeck Pizza and Domino’s operate near Wauna.
Cannell said while he’s “kind of always looking for new buildings and stores,” Figaro’s in Lakebay reached out to him. PSP has a food trailer that he has parked nearby during the off-season, which he posited might have led to brand awareness.
Figaro’s is scheduled to serve through Saturday, he said, unless it “runs out of food” before then. Cannell said he offered current staff jobs at the new restaurant, and they all plan to stay.
PSP officially moves in Monday, with light plans to paint and install the new sign in time to open on Friday, May 8.
Puget Sound Pizza - Lakebay
- 9023 Key Peninsula Highway NW, Lakebay, pugetsoundpizza.com
- Daily 11 a.m.-9 p.m.
- Details: Tacoma/Lakewood pizzeria expanding to Key Peninsula; opening May 8, follow instagram.com/pugetsoundpizza for updates
This story was originally published April 30, 2026 at 11:00 AM.