A new affordable housing project is being proposed for 999 118th Avenue SE in Bellevue’s Richards Valley area. The developer, SRM Development, is requesting a zoning change to allow for the construction of a mixed-use apartment building aimed at supporting Bellevue’s workforce and families.
The proposal seeks to rezone the 4.55-acre site from Office/Limited Business (OLB) to Neighborhood Mixed Use (NMU). This change would make it possible to replace a partially built hotel with new affordable housing units and community spaces.
The property currently includes two sections: the Nuovo Apartments, a 135-unit complex completed in 2020 on the western portion of the site, and a partially built Holiday Inn Express hotel on the eastern portion, where construction stopped in 2020 after only the underground parking and ground floor were completed.
SRM Development and its partner, CIRC, purchased the property in 2021. Their plan involves demolishing the unfinished hotel and building a new multi-family residential complex in its place.
The site sits between Mercer Slough and Interstate 405, surrounded by offices, light industrial buildings, and storage facilities. It is part of the Richards Valley Subarea, an area that the City of Bellevue envisions for a mix of housing, retail, and small business uses.
According to city planning documents, the rezone would give the property the residential density needed to support an affordable housing development. It would also remove an old zoning agreement that currently applies to the land.
The proposed project, known as Altaire at East Main, is expected to receive zoning approval by November 30, 2025, paving the way for future construction. This project aligns with Bellevue’s recent efforts to expand housing options.
The city has updated its zoning rules to allow more duplexes, triplexes, and small apartment buildings in areas that were once zoned only for single-family homes. Upcoming transit improvements, including light rail expansion, are also expected to support continued residential growth.
