Vulcan Real Estate has listed its planned mixed-use residential development site in downtown Bellevue for sale. The property, located at 10588 Northeast 2nd Street, went on the market on Tuesday, June 3, and is being marketed by CBRE under the project name Filament.
The site was originally intended to be developed into a two-building, mixed-use apartment project. Vulcan acquired the property in 2021 for $25 million, according to public records. Plans for the development included Filament East and Filament West, together comprising 302 residential units and ground-floor retail space.
Filament West, also referred to as Plaza 200, was planned as an 8-story residential building at 206–224 105th Avenue Northeast. The design included 151 apartment units, 4,332 square feet of ground-floor retail and service space, and 2.5 levels of below-grade parking with 162 stalls. Plans also called for a residential entry at the southwest corner of the building, a covered entry for the leasing office, and an outdoor seating area with landscaping and public art.
Filament East, located at 201 106th Avenue Northeast, was designed as an 11-story apartment building with 180 units. The site previously housed a Taco Time, which closed in May 2022 to make way for the development. Bellevue Investors IV LLC, an entity affiliated with Vulcan Real Estate, submitted the design plans and received city design review approval.
Despite receiving permits and approvals, construction had not begun prior to the site being listed for sale. The property is currently featured on CBRE’s website as an available downtown Bellevue development opportunity.
“We’ve seen very strong leasing activity at our residential projects this spring, and with new supply tapering off, the outlook for the local apartment market remains positive,” said Lori Mason Curran, Director of Investment Strategy at Vulcan Real Estate. “That said, having recently completed several large developments and made significant investments in our portfolio—such as paying down loans—we now need to rebalance our holdings to meet our investment objectives. We believe this site offers a compelling opportunity for a buyer to invest in Bellevue’s future. We anticipate strong interest and look forward to seeing the project come to life.”
The Filament project was envisioned to bring new housing and retail space to the heart of downtown Bellevue. The listing reflects a broader trend of developers reassessing large-scale projects amid shifting market conditions.
