Today in The Seattle Times an article featured downtown Bellevue’s recent growth was featured in detail covering everything from new construction to residential growth.
Much of the article was a high-level overview of the growth of the region, but also included project specific updates such as details on Lincoln Square expansion and Elev8.
Highlights of the article included:
- Population size: Bellevue City officials say downtown Bellevue is the fastest-growing neighborhood. Downtown Bellevue has increased fivefold since 2000 with about 13,000 residents (this makes up 10% of Bellevue’s population)
- Cost of Projects: Since 2013, the downtown Bellevue has had $800 million in new projects. There’s another $100 million that’s getting ready to be started.
- Project Elev8 (retail, condos, & apartment project) is the biggest single development by square footage in the city’s history. The building will have 800 condos and apartments with an expected opening in 2020.
- Total New Office Space: Since 2013 downtown Bellevue has added 1.5 million square feet of office space, which is a 20% increase.
- Average Rents in downtown Bellevue according to Zillow are at an average of $2,540/month, up 35% in the last five years.
- Home prices in downtown Bellevue, according to the article are up 65% since 2012 to an average of $690,000, many of which include small condos.
- Two Lincoln Tower Apartment Updates:
- At Two Lincoln Tower, the Kemper Development luxury apartments, less than 20% of the 218 units have been pre-leased. The apartments are anticipated to be ready for move-in Fall of this year.
- According to Jim Melby of Kemper Development the Two Lincoln Tower apartments cost about $1 million each to build. The high costs come from the high-end finishes, which include quartz countertops, Sub-Zero refrigerators, plus services like wine lockers and valet parking.
- Two Lincoln Tower Rents range from $3,375 for a 1-bedroom to $25,000 for a penthouse.