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Mar. 25, 2013

Capstone Plans Redmond, Portland Developments

By Alex Girda, Associate Editor

Capstone Partners is moving forward with two new development projects in the Northwest’s largest metro areas. The company acquired a 28-acre site in Redmond from Group Health Cooperative for $32.6 million, with plans to capitalize on Microsoft Corp.’s expansion in the area with a mixed-use community. It is also aiming to construct a grocery-anchored community in Portland, to the tune of about $60 million.

The Redmond site sits at 2464 152nd Ave., N.E., and will eventually house 1,400 residential units, as well as 1.1 million square feet of commercial space including office, retail and a 300-key hospitality element. The site, formerly owned by Group Health Cooperative, had served as the Group Health Overlake Hospital campus until 2008, the Puget Sound Business Journal writes. With Capstone determined to get planning sorted out for the site, construction could begin as soon as the fourth quarter of this year or the beginning of 2014.

The Portland project is Grant Park Village. The former Albina Fuel property was set to become a 300-unit condominium development, but Capstone, which replaced the Spokane-based developer that was originally working with owner KAL L.L.C., has opted to build apartment units. The development will be anchored by a New Season Market grocery store, which will occupy 34,500 of the available 47,000 square feet of retail space. According to the Portland Business Journal, although the completed development will meet LEED standards, the developer will not pursue certification from the U.S. Green Building Council.

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