Real estate developer, Tishman Speyer, recently received approval by the City of Bellevue to demolish three existing structures, according to city records. This will take place on the property of Sheraton Bellevue Hotel, Azteca Restaurant, and Bellevue Grill Restaurant. The associated address is 100 112th Avenue Northeast.
Together, the total property that will be demolished is 122,300 square feet. No other activity on these properties has been proposed along with this.
Tishman Speyer is requesting to demolish these structures in advance of an associated Master Development Plan and Design Review approvals, due to safety concerns.
Plans include two phases, which were submitted in 2021 to the City of Bellevue for Belle Vista Place. The estimated 1.1 million square foot project includes four buildings. Each phase is inclusive of two towers and each tower will be 14-stories, which will be just over 220 feet tall.
The first phase includes approximately 500,000 square feet of office space and 27,000 square feet of retail space. The second phase includes approximately 457,000 square feet of office space and more than 12,000 square feet of retail space.
The slated completion date is in 2025.
Tishman Speyer acquired the property from PMF Investments in earlier 2021 for $152.5 million, according to public records.
OMG..REALLY
About time, they are a hazard.
The developer is brave given the 25% occupency decline in office space nationalluy, and the general shift away from urban retail activity.