A fully entitled downtown Bellevue development site cleared for a 102-unit apartment building is now up for sale, nearly four years after the project first won its city approvals.
CBRE has been retained by MRM Capital, a firm co-owned by real estate investor Joe Razore, to market the 0.37-acre property at 10350 NE 10th St. Known as Bell10, the site comes with entitlements already in place for an eight-story, 102-unit residential building, allowing a buyer to move directly into construction without restarting the land-use process.
According to CBRE’s marketing materials, the listing is being positioned as an opportunity for developers to build a residential community in one of the region’s most sought-after neighborhoods. The property currently holds a single-story, 4,118-square-foot retail bank building constructed in 1986, with 80 feet of frontage on Bellevue Way.
MRM Capital obtained its key land-use approvals, including design review, in June 2022. At the time, construction was projected to begin by late fall of that year and wrap up by summer 2024. That timeline never materialized, and the project has sat undeveloped since.
Seattle-based Runberg Architecture Group drew up the design, aiming for a building that would fit downtown Bellevue’s increasingly urban look. Plans called for a facade of fiber cement and metal panels, vertically oriented windows, and a curved, cantilevered exterior, along with ground-floor retail space fronting both Bellevue Way and Northeast 10th Street.
Per CBRE, the site sits within walking distance of the Bellevue light rail station and close to major employers including Amazon, Meta, Microsoft, and Google, all cited as drivers of continued housing demand on the Eastside. The property is also eligible for Bellevue’s Multifamily Tax Exemption program, which can lower operating costs on qualifying residential projects.
Listing brokers on the deal include CBRE’s Kyle Yamamoto, Jordan Louie, Reed Hunter, and Natalie Kasper.
