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Jul. 6, 2014

Vulcan, Plus Investment Target South Lake Union, Bellevue with Nearly 2,000 New Residential Units

By Alex Girda, Associate Editor

Nearly 2,000 residential units might be added to the Puget Sound’s already well-populated development pipeline. Developers Vulcan Real Estate and Plus Investment USA have lined up large residential projects in South Lake Union and Bellevue, respectively, according to recent reports. The fast pace of job creation, a growing tech market appeal and a constant flow of new residential development projects have turned such parts of the greater Seattle area into white-hot markets.

With 2,200 units coming online just during the first quarter of 2014, according to data provided by Marcus & Millichap Real Estate Investment Services, the city is set to maintain an elevated pace of development. Vulcan Real Estate has revisited its plans of developing multifamily buildings near the southern shore of Lake Union, after one design scheme proved too controversial and was dropped before the end of last year. The company has now proposed three smaller towers of 160 feet, as opposed to the previous 240-foot-tall buildings it had planned; when completed, they will offer a total of 853 residential units and 35,000 square feet of retail space, public records show. The projects are currently in the pre-development stage, with no planned construction schedules for the near future.

Meanwhile, Plus Investments USA has two 43-story residential towers planned for the corner of Northeast Eighth Street and 108th Avenue Northeast in downtown Bellevue. The company is planning on building its newly announced project beginning in 2016 on the site of First Congregational Church, which it has owned since earlier this year, The Puget Sound Business Journal reported. The two buildings would total nearly 1,000 residential units and be located above a common podium that would offer a large retail component, with a hospitality component also in the mix, according to The Seattle Daily Journal of Commerce. The developer is the local real estate subsidiary of Plus Investments, a Hong Kong-based entity.

Chart courtesy of Marcus & Millichap Real Estate Investment Services.

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