A new luxury apartment project called Perle is set to open in downtown Bellevue in late 2027. The development is a partnership between Spokane-based SRM and Haseko North America, the U.S. subsidiary of Japan’s largest condominium builder. The announcement and construction start were confirmed in a September 11 press release.
The project will be built at 10621 NE 12th Street on the former site of the Silver Cloud Hotel, which is near the Bellevue Library. The hotel closed and is currently being used by Mary’s Place as transitional housing. It will be demolished to make way for the new development.
Perle will include 230 apartment units spread across two connected buildings, with seven stories in total. A 201-stall underground parking garage will be built beneath the project. According to SRM, demand for parking is still strong in Bellevue, even with new transit options being added downtown.
The 1.23-acre site will also feature a 3,000-square-foot public plaza at the corner of NE 12th Street and 106th Place NE. Plans include outdoor café seating, benches, landscaping, and public art installations. A rooftop amenity space is also planned for residents.
SRM purchased the Silver Cloud property for $30 million. The development will be completed in a single phase and is designed by Fora Landscape Architects, with a focus on open space and pedestrian-friendly features.
In the press release, Haseko North America Chairman and President Kain Matsumoto said the company looks forward to future projects with SRM in western U.S. markets. SRM Managing Principal Ryan Leong added that Perle is expected to be the first of several collaborations between the two companies.
When complete, Perle will add new housing options to the City Center North area of downtown Bellevue, where several large-scale projects are currently underway.
