Earlier this week Seattle Weekly put together a lengthy article on the Bellevue’s downtown economy titled “Lush Lie.” The article points out economic struggles for the 3 main Downtown Bellevue condominium towers (Washington Square, Bellevue Towers, and The Bravern) and how they have weathered the storm. The piece also points out in detail the several unexpected and recent restaurant closings.
The article quotes several influential members of the community including Dan Ivanoff (CEO of Schnitzer West) and Kemper Freeman (The Bellevue Collection). The article starts by telling a story of why Schnitzer bet big on Bellevue. The story goes on to admit struggles that The Bravern complex has had in its past year, and in closing the article includes a portion of the interview with Dan Ivanoff and how he continues to reinforce Schnitzer West’s dedication to the long-term wellbeing of The Bravern.
Other interesting facts from the article:
- 2000 median household income in Bellevue was $62,000 (Compared to $45,000 in Seattle)
- According to The Oregonian Bellevue Towers Developer, Gerding Edlen, is in negotiations to turn Bellevue Towers lenders (See article here)
- Kate Spade was the first retail tenant that Schnitzer West attempted to lure to The Bravern, which led to its parent company Neiman Marcus to gain interest and eventually land at The Bravern
- The 5,000 square-foot top floor penthouse at The Bravern has been left unfinished so it can be customized to a potential buyer’s liking
- The Bravern had 125 presale agreements
- The Bravern was willing to come down in rent pricing to lure David Lawrence
- Schnitzer West has a $684 million construction loan from a Houston-based lender
- Investcorp, a London-based private-equity firm, invested $800 million into The Bravern in 2007