Avenue Bellevue, the two-tower luxury condo, hotel, and retail project, recently announced that their penthouse unit has sold for $8,004,000. The three-bedroom, three-and-a-half bath unit is one of the highest priced condominiums ever sold in Bellevue. The 2,725 square foot condo cost $2,937 per square foot, setting an all-time record for the highest price per square foot for a condo sale in the history of the Pacific Northwest.
The penthouse is located on the 25th floor of Avenue Bellevue’s South Tower. It is one of 141 “Estate Homes” and will have a 765-square foot balcony, as well as an expansive view of Lake Washington, downtown Seattle, and the Olympic Mountains.
“Today is a proud day. Over the last year, we have persevered and continued construction on Avenue, even as other residential projects in Bellevue have stalled or been converted to commercial space. But as a Bellevue resident for more than 20 years, this project is very personal to me, and I am delighted that buyers and the community are responding so positively,” said Andy Lakha, Principal and CEO of Avenue Bellevue. “Bellevue now has a place on the world stage as one of the most desirable cities in the U.S.—something that has attracted our investment partners, as well as prospective buyers from around the country. The future is bright for Avenue Bellevue, and we look forward to unveiling exciting news about our retail and lifestyle experiences in the coming weeks.”
Avenue Bellevue is currently under construction and is located on the corner of Northeast 8th Street and Bellevue Way. It will feature 365 luxury homes spread across two towers, as well as 141 “Estate Homes” in the South Tower and 224 “Residences” in the West Tower.
The South Tower will also include the Pacific Northwest’s first luxury Intercontinental Hotel. The hotel will feature 208 rooms, event space, restaurants and bar, gym and spa, and a dedicated concierge team.
The plaza, which will connect the two towers at Avenue Bellevue, will be inclusive of high-end retail, food and nightlife, a fresh market, and fine dining.
Restaurants that have been announced include a new sea-life focused restaurant from the three Michelin-star chef, Joshua Skenes, and BUDDHAzen, a new contemporary Asian restaurant from the visionaries behind Buddakan, Tao, and China Grill.
Another “Estate Home” not he South Tower’s 23rd floor recently sold for $4.675 million, costing more than $2,200 per square foot. In the West Tower, “Residences” are selling at $1,750 per square foot on average. “Estate Homes” are selling above $2,000 per square foot.
Construction for Avenue Bellevue began in the fall of 2019 and construction is currently underway. In April 2021, it was announced that financing was secured for the project. The $700 million transaction with Silverstein Capital Partners was the largest recorded in the United States since the start of the pandemic.
The luxury project was designed with Weber Thompson, CollinsWoerman, and Hirsch Bedner Associates. The development team is led by Fortress Development, with Silverstein Properties as the development advisor, and JTM Construction as general contractor.
Avenue Bellevue is more than 40% sold out. Completion is slated in 2023.