The Freeman family, owners of Kemper Development Company (KDC), announced Friday that they will explore a sale of The Bellevue Collection, the 5.5 million-square-foot retail, dining, hotel, office, residential and entertainment complex at the center of downtown Bellevue. The family-owned company plans to select a broker shortly to begin the sale process.
The Bellevue Collection encompasses Bellevue Square, Bellevue Place and Lincoln Square North and South. According to KDC, the properties will continue to operate normally, and community events and cultural programming, including Snowflake Lane, will go on as planned through 2026.
Why Now
KDC said several factors played into the decision, including Kemper Freeman’s retirement last year. Freeman took over the business from his father in the mid-1970s and led the redevelopment of Bellevue Square beginning in the 1980s, transforming a small open-air center into the retail anchor of a destination that today includes three office towers, three major hotels, luxury residential apartments, more than 200 stores, restaurants and entertainment venues, and two movie theaters.
The company described the move as a multi-faceted business decision about the right path forward. The family’s stated intention is to identify a buyer who shares its longstanding regard for the surrounding community and has the capability to further enhance the property.
“Kemper always believes that a great development is measured by more than square footage or revenue; it’s measured by the life it brings to a community,” said Jim Melby, CEO of Kemper Development Company. “He has created one of the country’s premier retail and mixed-use destinations — a place that has strengthened the surrounding community through millions of dollars in tax benefits for the city, thousands of jobs, and generous support for arts, health, education and family causes throughout the region. We are proud of what this legacy represents for our community.”
80 Years of Family Ownership
KDC was founded 80 years ago with the opening of Bellevue Shopping Square, an outdoor, 16-store shopping center. Over more than five decades with Kemper Freeman at the helm, the family grew the company into The Bellevue Collection. The company remains privately held and family operated. For a look at how the property evolved from that first center, see our history of Bellevue Square published for its 75th anniversary.
The Freeman family has also been a fixture in downtown Bellevue’s civic and cultural life, presenting Snowflake Lane each holiday season and supporting Bellevue Fashion Week, which marked its 20th year in 2025. Earlier this year, Snowflake Lane was named Signature Experience of the Year by the Bellevue Chamber.
What Happens Next
A timeline for a transaction beyond selecting a broker in the near term has not yet been announced. Shoppers, diners, hotel guests, office tenants and residents should expect no change in day-to-day operations.
