Schnitzer West said Monday it plans to break ground late next year on a 360,000-square-foot office building in downtown Bellevue, one of the region’s hottest office markets.

On Monday, the Seattle-based developer paid $12 million for a site at the northwest corner of 106th Avenue Northeast and Northeast Fourth Street in Bellevue. A stand-alone Bank of America branch is on the corner now.

The developer expects to obtain its permits for the 16-story tower in the latter half of next year, and complete it in 2016, said Pam Hirsch, senior investment director at Schnitzer West. Bank of America will have a branch in the tower, according to the developer.

Schnitzer West is one of several developers teeing up skyscraper construction plans in the hot downtown Bellevue market.

The vacancy rate for Class A buildings in downtown Bellevue was 6.2 percent in the third quarter, compared with 12.4 percent in downtown Seattle, according to commercial real-estate brokerage Jones Lang LaSalle.

The developer has plenty of experience in Bellevue. It completed Civica Office Commons in 2001; Advanta Office Commons near the Interstate 90 corridor in 2007; and The Bravern in 2009.

Sanjay Bhatt: 206-464-3103 or sbhatt@seattletimes.com. On Twitter @sbhatt