Bellevue-based real estate investment and development company, Kauri Investments, has recently acquired the site at 1300 116th Avenue Northeast, as reported in a King County affidavit. This 0.6-acre property, currently home to the Eye Clinic of Bellevue/Overlake Optical, was purchased for $6.75 million.
Although official plans have not yet been filed with the City of Bellevue, President and CEO Kent Angier stated that the company intends to construct a 150-room extended stay hotel on the site.
According to Angier, Kauri Investments will begin the entitlement process immediately, which is expected to take 18 to 24 months. Construction will commence as soon as the necessary permits are obtained. They currently have an agreement with the seller to lease back the space for two years, with an option to extend if the project is not ready to proceed by then.
The real estate company is currently collaborating with Balyis Architect on the project.
Kauri Investments is well-acquainted with Bellevue properties, having previously owned a building on 160th Avenue Southeast and another on Northup Way. They continue to explore additional opportunities in Bellevue.
Established in 1987, Kauri Investments has renovated and built over 1,850 multifamily homes. Their current projects are located in Medford, Oregon, and Seattle.
I was at the eye clinic a few weeks ago and wondered how much longer this building will be in existence. Wonder where the eye clinic will land… and a long term hotel will be a good move for families with patients at Overlake Hospital