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Resmark JV Announces Luxury Townhomes in South Bellevue

17 Apr 2015, 9:03 pm

By Alex Girda, Associate Editor

Although Expedia’s announcement that it will be moving to the Seattle waterfront has given Bellevue’s real estate market something of a shock, investors continue to express interest in the city. A joint venture between The Resmark Cos. and local development group Windward Real Estate Services is working on the development of Factoria, an infill luxury townhome community located in south Bellevue.

The Factoria project will comprised 24 new units and will be located in a mixed-use urban neighborhood that features schools, retail and employment. Development at the community will begin later this year, with the first closings most likely set to take place next spring. The development will consist of six duplex and four triplex lots, accommodating the 24 townhomes.

Residences here range in size between 1,812 and 2,886 square feet, and feature three bedrooms and three bathrooms, with select homes including an additional bath or two half-baths. Fourth-floor penthouses offer an extra room, as well as finished rooftop decks. All homes have attached two-car garages, while some residences have daylight or a partial basement with a bonus room created by using the sloping site. The community was designed by Medici Architects.

The project’s location ensures close proximity to the 60-store Marketplace at Factoria – anchored by a Safeway supermarket, Target and AMC Theatres – and Newport Senior High. Bellevue is located in a position that allows residents to reach major employment centers of the area in the neighboring cities of Seattle, Redmond and Issaqua, including Microsoft, Redmond, Boeing and Amazon.

LOCA Development on Portland’s Central Eastside Receives $74M in Construction Financing

13 Apr 2015, 4:29 pm

By Alex Girda, Associate Editor

U.S. Bank closed on a $74 million construction loan with developer Killian Pacific for a development project on Portland’s Central Eastside. The site has been occupied only by a herd of goats and  is known by Portland residents as the “Goat Blocks,” but will become a mixed-use community known as the LOCA.

The site, located at 1004 SE Belmont St., east of the Willamette River, was purchased back in 2010. The owner settled a herd of goats there to maintain the landscaping on the superblock, and the animals have since become part of the neighborhood. With the new project about to break ground, the goats are being relocated to a Portland-area farm.

LOCA will be a 133,000-square-foot, Class A and LEED Gold-designed mixed-use community. The property will consist of seven distinct buildings that will offer 247 residential units, as well as a retail component of around 89,000 square feet. Parking at the property will include 385 stalls for cars, as well as 510 bike stalls serving both residents and retail customers. The property will be anchored by a 40,000-square-foot Ochards Supply, as well as a 26,000-square-foot Market of Choice local grocer.

The project was approved by the Design Commission back in August 2014, a decision maintained by the city council in spite of an appeal filed by the Central Eastside Industrial Council. Designed by Ankrom Moisan, LOCA is planned to preserve the Central Eastside area’s industrial heritage.

The financing was arranged on behalf of Killian Pacific by a JLL Capital Markets team led by Managing Director Buzz Ellis and Senior Vice President Paige Morgan.

Expedia Acquires Office Campus on Seattle Waterfront, Prepares to Relocate from Bellevue

6 Apr 2015, 7:30 pm

By Alex Girda, Associate Editor

Expedia Inc. recently provided the Bellevue real estate market with quite a blow, announcing plans to relocate following the purchase of a new campus. One city’s loss is another’s gain, as the company announced the acquisition of Amgen’s multi-building office property in Seattle. According to recent announcements, Expedia will complete its relocation to Seattle’s waterfront by 2018. The travel company reportedly paid $228.9 million for the property, with the transaction expected to close by the end of the current quarter.

The new owner will update the 40-acre campus to accommodate its needs. The campus offers 750,000 square feet of space but could be expanded given the property’s additional land. Amenities include on-site dining options, state-of-the-art fitness facilities, as well as outdoor recreational areas. The campus’ location offers views of nearby Mt. Rainier, Puget Sound and the Olympic Mountains, as well as downtown Seattle. In addition, observed company CEO Dara Khosrowashahi, “we are highly supportive of Seattle’s commitment to attract and grow the pool of highly qualified talent in the area.”

Bellevue’s packed office market couldn’t provide the right amount of space needed for Expedia’s growth in the interval it required, Bellevue City Manager Brad Miyake noted. The Puget Sound Business Journal further observed that Expedia’s move will vacate an office tower in the city, with three other towers totaling 1.5 million square feet of space currently under construction and getting ready to come online soon.

Starwood, Kemper Complete Agreement Bringing W Hotels to Bellevue Collection

29 Mar 2015, 2:01 am

By Alex Girda, Associate Editor

We knew the Kemper Development Co. would expand The Bellevue Collection with a new hotel. It was recently revealed that the hospitality property would be operated by Starwood Hotels & Resorts Worldwide Inc. With an agreement now in place, the two companies are set to debut the W Hotels brand, part of the $1.2 billion project, during spring 2017.

Aerial view of The Bellevue Collection and its expansions

Set to take shape on Bellevue Way between NE Fourth and Eighth streets, the hotel will feature 245 guestrooms, of which 25 will be suites. Also included is the Extreme Wow Suite, the brand’s take on the Presidential Suite. The hotel will also feature 11,400 square feet of meeting and event space, a FIT fitness facility and three unique restaurants and bars, including an all-day dining restaurant.

The overall design scheme will fit in with the larger W Hotels brand’s aesthetic, while also drawing on the facility placement. The hotel property is located near the shores of Lake Washington. It will offer guests a library stocked with pulp fiction novels, a large fireplace, an outdoor terrace with porch swings, and a pool table, part of a unique guest experience.

As previously noted, the W Bellevue will be part of an expansion of Kemper’s Bellevue Collection. The developer continues to add an estimated 1.5 million square feet to the existing structures at Bellevue Square. The Lincoln Square Expansion will offer 710,000 square feet of office space; 180,000 square feet of retail, dining and entertainment space; as well as 231 luxury high-rise rental housing units. In its current form, The Bellevue Collection includes Lincoln Square, Bellevue Square and Bellevue Place.

Image courtesy of http://lincolnsquareexpansion.com

Holland Partner Group Acquires SLU Development Site Near Amazon’s Denny Triangle Campus

22 Mar 2015, 5:18 am

By Alex Girda, Associate Editor

A new development project is set to hit an already bustling area of Seattle. Holland Partner Group, a development company that mostly operates in the Pacific Northwest, recently acquired a high-profile development site in South Lake Union for a reported $20.1 million. The new owner is ready to propose a major residential development in the Denny Triangle, an area energized in recent years by Amazon’s ambitious high-rise office campus project.

According to the Puget Sound Business Journal, Holland Partner Group acquired the development site from Brooke Real Estate Venture LLC. The company plans to build a 460-unit residential property that would also feature a commercial component of around 17,000 square feet of retail.

Union SLU, one of HPG’s South Lake Union developments

The site totals about two-thirds of an acre and is located at 970 Denny Way, placing the future residential high-rise between Amazon.com’s current headquarters and the Internet giant’s massive campus development. PSBJ writes that Holland has scheduled a construction start in the spring of next year.

Holland Partner Group’s current Seattle-area portfolio includes 815 Pine near the Washington State Convention Center; Coppins Well in First Hill; Hue, True North and Union SLU in South Lake Union; as well as Rivet in the Cascade neighborhood.

Image courtesy of unionslu.com.

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