Wright Runstad & Company and Shorenstein Properties have chosen Security Properties to initiate the development. Security Properties will purchase a 2.5-acre parcel at The Spring District’s southwest corner. The company is planning a 316-unit multifamily project at the site. Security Properties will has been granted an option to develop another 225 units on an adjacent parcel.
The first stage of The Spring District will also contain six office buildings and a two-acre park block. The first two new office buildings comprising of more than 490,000 square feet, are to be developed by Wright Runstad & Company. That project is currently being reviewed via the City of Bellevue’s permitting process.
According to the company, there are plans to convert some of the present warehouse facilities into spaces appropriate for an urban distillery or tap house, along with an ample landing pad and outdoor dining space for food trucks.
Construction of The Spring District will begin this summer with demolition of existing structures and the installation of utilities and infrastructure. Occupancy for both the residential project and the office projects are projected for early 2015.
Ultimately, The Spring District plans will offer 16 city blocks of walkable, mixed-use urban development. The Spring District will feature a direct connection to Sound Transit’s Eastlink light rail extension.
“We’re excited to launch The Spring District and create a new urban extension of downtown Bellevue, much like the Pearl District has extended downtown Portland,” said Greg Johnson, the President of Wright Runstad & Company.
To view the plans in greater detail visit the Spring District website.