According to public records, the co-owner of Unico Properties has submitted renovation plans for the Bellevue Connection building, formerly known as the Bellevue Galleria. The building is located at 550 106th Avenue Northeast, next to Bellevue Towers. The project is named “Unico Bellevue Connection”.
Renovation plans include exterior and interior renovations. The exterior design changes include the replacement of the exterior facade on the north and west elevations, application of weather resistant color coating on the south and east elevations, awning/canopy replacement, and new mechanical equipment and screens. The sidewalk will also be replaced on 106th Avenue Northeast, and brick will be relaced to provide a new retail entry.
The interior plans that are being proposed by LUX throughout the building include changes of use from retail to recreation facility and office use, and associated building occupancies. Some brick replacement with concrete paving is also anticipated around the Plaza edges where repairs are necessary.
Partners Group and Unico acquired the 227,811 square-foot mixed-use property in December 2019. According to a release by Unico, “This was a unique opportunity to acquire a highly visible property in one of the most active real estate investment markets in the U.S.,” said Marcus Day, Partners Group’s Senior Vice President, Private Real Estate Americas. “Bellevue Connection is a good example of Partners Group’s ability to create value for our clients by sourcing off-market transactions, investing in high-quality locations and implementing a variety of proactive asset management initiatives.”
The property was first developed in 1999 to serve as a movie theater. It was converted into a mixed-use development in 2008. It is believed that the “Bellevue Connection will serve as a connector for tenants and pedestrians alike as the market continues to grow”, as said by Liz Thorson, Unico Director and Market Leader.
Partners Group is a global private markets investment management firm and Unico Properties is a commercial real estate investor, developer, and full-service operator focused on multifamily assets and office space.
Construction is slated to begin February 2021.