Legacy Partners JV Breaks Ground on Redmond Redevelopment
During the next two years, the developers will transform the former shopping center into a 632-unit community.
A partnership between Legacy Partners and Lionstone Investments has kicked off the redevelopment of Redmond Square in Redmond, Wash. The owners will convert the former shopping center into a 632-unit community across two six-story buildings. Legacy Partners bought the retail center in late 2016.
The initial phase underway, located at 16595 Redmond Way, will encompass 311 apartments with high-end finishes and nearly 20,000 square feet of ground-floor retail space.
The second phase is scheduled for groundbreaking in 2022. The project includes 312 units and 13,000 square feet of retail and commercial space at 16502 Cleveland St.
The two phases will be linked via a pedestrian walkway between the two communities’ courtyards. Amenities will include a yoga studio, clubhouse, fitness center, business center and pet salon. A boutique market and more than 600 parking spaces and bike stalls will also be available.
The development is half a mile northeast of downtown Redmond. A variety of dining, entertainment and retail options are available within a 1-mile radius.
Redeveloping the neighborhood
Tiscareno Associates is the architect of both projects, which will deliver in phases from winter 2023 to summer 2024. Legacy Partners also partnered with the architecture firm for the design and development of Redmond’s Milehouse community which sold in 2016.
The construction timeline aligns with SoundTransit’s plans to expand light rail service within the immediate area. The Downtown Redmond station, scheduled for completion in 2024, will be located very close to the property at the intersection of 166th Avenue Northeast and Redmond Way.
Redmond has increasingly become a target for both investors and developers. The submarket currently has more than 3,300 units under construction, according to Yardi Matrix, and multifamily investment volume of nearly $270 million at the end of October.