A Utah developer plans to bring up to six towers, more than 1,000 condominiums and a mix of office and retail space to a 10-acre block that...
A Utah developer plans to bring up to six towers, more than 1,000 condominiums and a mix of office and retail space to a 10-acre block that developer Eugene Horbach once owned in downtown Bellevue.
The proposal is the latest in a string of restarted and new developments — including Lincoln Square and City Center II — that has sparked a building boom in downtown Bellevue.
Wasatch Property Management would start building the $1 billion, four-phase project in June. The first phase would include row houses and two 22-story condominium towers and retail space along Northeast 10th Street.
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The company says it has about a third of the financing it needs for the project and is meeting with lenders today to try to line up more.
“You couldn’t pick a better time to start construction,” Wasatch Chief Executive Dell Loy Hansen told the Bellevue Downtown Association yesterday.
“The Northwest has gone through a downscale and is prime for growth.”
Horbach owned an L-shaped area of the property along 106th Avenue Northeast and Northeast 10th Street, and a union pension fund owned most of the rest of the block.
Horbach had planned to build a three-story shopping mall and a 200-room luxury hotel but sold the property three years ago to BV Holdings of Logan, Utah, for an estimated $30 million to avert foreclosure.
Wasatch was one of the partners in BV Holdings and planned to develop it with Horbach, but the Bellevue developer died last year.
Attracted by the city’s falling office-vacancy rate and an improving economy, developers are breaking ground on new projects or restarting others suspended when the economy worsened and office vacancies soared:
Kemper Freeman restarted construction on Lincoln Square, a two-tower condo, hotel, retail and office development, and expects to open its three-story shopping mall and hotel in November.
Freeman is waiting to start the 27-story office tower when Bellevue’s office vacancy rate falls further.
Equity Office Properties and Wright Runstad are building City Center II, a 34-story office and retail tower.
Bentall is resuming construction on the Summit, an 11-story office building it capped at three floors in 2001.
Su Development of Bellevue is building a two-tower project with 570 apartments and 80,000 square feet of retail and office space a few blocks northeast of Lincoln Square.
Despite the number of new projects, developers don’t think Bellevue will be overbuilt with space they can’t sell or rent.
“I see it [the Wasatch project] as 100 percent compatible to Lincoln Square and Bellevue Square,” said Freeman, who also owns the Bellevue Hyatt and Bellevue Square. “I think we’re long overdue for this kind of project.”
Kristina Shevory: 206-464-2039 or firstname.lastname@example.org