Commercial real state developer, Schnitzer West, recently applied for Design Review approval through the City of Bellevue. According to the document that was in the most recent Weekly Permit Bulletin, the company is seeking approval to demolish the existing building for their planned office building, The Arcadian.
The location is 120 106th Avenue Northeast. The existing Rite Aid building is planned to be demolished. In its place will be an 18-story office building with retail and parking. The building will be about 478,00 square feet, with 6,5000 square feet dedicated to retail amenity on 1.68 aces.
There will be four levels of below-grade parking, along with outdoor plazas, site landscaping, and enhanced streetscapes.
The Arcadian is expected to break ground in July 2023. At this time, demolition will begin on the Rite Aid building. The project is slated for completion in winter 2025.
When Schnitzer West first announced that they were planning this development in May 2022, Erik Fagan, senior investment manager explained that, “Downtown Bellevue continues to show an increasing demand for desirable, modern office space with amenities that offer an enhanced, worker-friendly experience…The Arcadian is a continuation of Schnitzer West’s 25-year history in Bellevue and will be the company’s sixth office project in the city’s commercial business district, bringing a total of 2.5 million square feet of office development to the area.”
The application for Design Review approval comes at a time when Amazon recently announced that they will be pausing construction on six of their office towers in Bellevue, totaling more than three million square feet of space. According to John Schoettler, Amazon’s Vice President of global real estate and facilities, the company plans to reevaluate design of some of their projects to make sure that it meets their employees needs in the future, with the changing habits since the pandemic.
Schnitzer West is the developer for one of Amazon’s leased (and supposedly paused) buildings, The Artise. According to a representative for Schnitzer West, “Their decision to build The Arcadian will depend on market conditions in Q3 of 2023. Contrary to rumors, Schnitzer West has not stopped work on The Artise; it is on track to deliver Q1 2024.”
Commercial real estate services company, Jones Lang LaSalle, is the leasing team for The Arcadian. We reached out to see who would be leasing the space and it is unknown as of yet.
