The “crane index” was an informal way of characterizing the pace of development and the economic health of Downtown Bellevue during the boom years. The index consisted of the number of tower cranes at construction sites throughout the city. At the peak of development in 2007, there were 21 cranes. However, after a long vacation, there is now one crane downtown, for the first phase of the Soma Towers project at Northeast Second Street and 106th Avenue Northeast.
According to a release put out by the City of Bellevue the “crane index” may be returning to downtown Bellevue. According to Mike Brennan, director of Bellevue’s Development Services Department, Bellevue is seeing early permitting for some work downtown, and interest is growing for big developments throughout the city.
City officials are hearing from developers who say they’re ready to initiate some major projects, and from tenants that are eagerly anticipating those projects.
“There are more conversations, especially about downtown projects, and that’s a prelude to the formal development process,” Brennan said. “The question for us is not so much whether big projects will get rolling, but when, how big and how fast the development will come.”
According to the City of Bellevue release, the value of major projects in 2012, based on permits issued, is more than four times the volume compared with 2011, rocketing from $46 million to $194 million. Total project value (including major projects, new residential projects, commercial and residential remodels) in Bellevue has increased from $168 million in 2011 to $375 million in 2012.
Will the upcoming positive trend be similar to the economy’s last hurrah? “It was exciting, but at times overwhelming to the community to deal with growth that fast,” Brennan said. “I expect the next cycle will be more moderate than the last cycle.”
The city forecasts a range of big downtown projects, including residential (primarily apartments), hotels and office buildings.
Pending large projects, yet to be permitted, include the Lincoln Square Expansion, a large office-hotel-condominium-retail complex; a new 376-room Marriott Hotel; and a large, new office tower to be located on Northeast Eighth Street.
