Seattle-based Vulcan Real Estate recently announced that they broke ground on their 1.4-acre development site near the future location of the BelRed/130th Light Rail Station. The address is 13238 Northeast Spring Boulevard.
The development will include eight stories, made up of 249 residential units. “Ondina”, which means little wave in Latin, is Vulcan’s first multi-family development project in Bellevue and is a part of a large development pipeline in the Puget Sound region.
“We are looking forward to entering the Bellevue multi-family market,” said Ada M. Healey, chief real estate officer for Vulcan. “The BelRed Corridor offers an exciting opportunity for sustainable, transit-oriented development and Bellevue is poised to add 50,000 jobs, driving strong demand for apartments and rent growth in the years ahead.”
The design concept is baed on “Blue Mind Theory”, which is a scientifically supported theory that shows how being near water or images and materials that evoke waterscapes can make you happier, healthier, and more connected. The water theme will be present throughout the project.
According to Vulcan, they plan to participate in Bellevue’s Multi-Family Tax Exemption program, where 20 percent of the units will be rent-and income-restricted for households earning 80 percent of Area Media Income.
Runberg Architecture Group and Exxel Pacific who have partnered with Vulcan Real Estate on multiple other multi-family projects are the architect and general contractor of record.
Vulcan Real Estate purchased the site from Summerhill Apartment Communities for $17.915 million.
The residential development is slated to open in early 2024.
Vulcan is currently developing two million square feet of office space in Bellevue’s central business district at 555 Tower and West Main. Both sites have been leased to Amazon and are slated to reach completion in 2023.