According to a press release from Vulcan, on July 23rd, the real estate company purchased a 1.4 acre development site at 1600 132nd Ave NE. It is located near the future location of the Bel-Red/130th Light Rail Station.
Summerhill Apartment Communities was the seller. Vulcan Real Estate is planning to develop the site into a multifamily community to accommodate the Eastside’s growing population.
This is the first property acquisition in Bellevue that is outside of the Downtown area, signaling a strong commitment to a robust development pipeline in the Puget Sound region.
“We are excited about expanding into the Bel-Red Corridor,” said Ada M. Healey, chief real estate officer for Vulcan Inc. “The development opportunity aligns with our values and goals around sustainable, transit-oriented development.”
The sale was for $17,915,000. They will receive the property entitled with permits for an eight-story building with 249 residential units.
“We are bullish on the future of the rental apartment market along the Bel-Red corridor and enthused with the opportunity to deliver a new project around the same time as the light rail station is completed,” said Scott Matthews, Vulcan’s senior director of acquisitions and residential development, “We intend to leverage our experience developing and leasing up 3,000 rental units in Seattle to attract a similar renter in Bellevue.”
The site will be located across from the Bel-Red/130th Station light rail station, two stops from Amazon’s Downtown Bellevue Campus, one stop from Facebook’s Spring District campus, and two stops from Microsoft’s Redmond campus.
Healey added, “With 10 million square feet of office space slated for delivery on the Eastside by 2025, much of which is pre-leased, we anticipate the creation of over 50,000 new jobs, driving strong apartment rental demand and rent growth in the years ahead.”
Construction is slated to begin as early as the end of 2021, with completion expected at the end of 2023.
Vulcan is developing 2 million square feet of office space in Downtown Bellevue; 555 Tower and West Main. These were both leased to Amazon and are scheduled for completion in 2023.
They are also building a half-block development (three commercial and retail buildings), Bellevue Plaza, which will be located on the west side of 106th Ave NE between NE 2nd Street and Main Street. The proposed project will be about 877,000 square feet of office space, and 23,000 square feet of retail.