Puget Sound Business Journal released an article on the newest developer in Downtown Bellevue. If you’ve been paying attention, then you’d know that Bellevue Towers (next to the Bellevue Galleria) is going up really quickly! The concrete frames have risen up to at least 20 stories – each, and both are well on their way to being 42 and 43 stories high.
With the Puget Sound region’s condo market softening, many might say they won’t sell. Just tell that to Realty Trust Group which has sold more than 160 of the first phase’s 293 luxury units (the north tower and cetral podium) more than a year before the scheduled completion.
The $500M project that sits at Northeast Fourth Street and 106th Avenue Northeast is being put together by Portland-based Gerding Edlen. In fact, the firm relocated principal Scott Eaton to work out of the Bellevue sales office to oversee the development.
Prices for the units start at about $400,000. According to Columbia Real Estate Group’s FatReport tracking local new condo sales, Bellevue Towers units are commanding an average of $675 per square foot.
Not only that, downtown Bellevue will be able to tout the Towers as LEED building with the development team targeting the Gold certification from the U.S. Green Building Council (USGBC).
They may be LEED certified, but their parking situation leaves a LOT to be desired. I checked into this complex early on and almost bought one, but they are putting in the MINIMUM number of spots the city will allow. I was told that for the two towers there would be 4 guest spots. Some units don’t have any parking at all and 2 bedroom units less than 1.2 milion had no option to buy a second one parking spot. They were trying to get parking space in the nearby Galleria, but that garage is terrible. This may be their idea of getting people to use mass transit, but in my opinion, they are creating a big parking problem in Bellevue. The city should not have allowed them to do this.
This is not an uncommon theme in Bellevue’s growing condo community. I live in a condo that has NO guest parking. People from many different condos are trying to secure parking where ever they can in Bellevue…Too bad you passed up Bellevue Towers because it’s going to be a beauty!
Don’t worry, when gas is 15 bucks a gallon, your friends won’t be able to afford to come visit unless they bus, and this place is not too far from the transit center.
I work on the sales team at Bellevue Towers, so I thought I would try and provide some clarification about our parking situation:
1. Valet parking will be provided at no charge to guests visiting Bellevue Towers homeowners.
2. All homes are being sold with a minimum of 1 parking stall.
3. We include two-parking stalls in the price of every home over about $975,000.
4. Our parking ratio (# of stalls/# of homes) is approximately 1.5 which is pretty typical for new condominium projects. The most expensive condominium project sold and closed to date in downtown Seattle, Madison Tower, has zero parking (owners pay for offsite valet).
5. Homeowners will have the benefit of 2 Flex Cars located on site.
Obviously our parking situation (or that offered by any condominium project) may not work for everyone – and we respect those who may choose not to buy a home here as a result. Having said that, we are excited about bringing hundreds of new residents to downtown Bellevue who will be walking and biking (we have about 300 bike parking stalls) as opposed to adding to the current traffic problem.
300 bike stalls? AWESOME! I live in an older condo with 0 stalls.
jason – thanks for providing the information!
Ha! Quite the bargain: spend a million dollars and get an extra parking spot.
Isn’t this where Expedia will be moving to in Spring 2008?
Expedia is close by, it’s the new black building that is almost done.
^ This is a condo tower……Expedia is moving in across the street at the 333 Tower.
I got to read the article in the PSBJ and I’m excited to hear that Gerding/Edlen is seeking more development opportunities in the region. I’d love to see them develop a project of this quality in downtown Seattle.
If you work in bellevue, I can understand moving there, but I grew up there and can’t stand the traffic or the attitudes. If you’ve been to any major metro area in the US, you think you would realize that bellevue doesn’t have many features that make it a good place to live. Especially trying to move four blocks in rush hour traffic on 8th.
Are you kidding me!?! I travel on business and leisure about 3-4 times a month to cities all over the west coast and more. Bellevue is clean, safe, filled with all the necessities that you would need or want, and fun. Go to happy hour on a weeknight, shopping on a weekday, brunch on the weekend…whatever your fancy. I grew up in Bellevue, moved away, and now I’m back!
…I work 45 minutes away from Bellevue, but choose to live there!
Don’t tell the people paying over a million for a condo that Bellevue is not a great place to live… Lol
Really don’t care what people say…living in Bellevue is incredible and the living experience will only get better!