Capstone to Break Ground on Live-Work Campus in Redmond This Summer
- Feb 19, 2014
Redmond-based tech giant Microsoft Corp. is attracting new development, in the form of Capstone Partners’ newly announced massive mixed-use project in the vicinity of the software company’s headquarters. Capstone released plans for a new urban village intended as a live-work community able to accommodate around 8,000 people. The massive development project would include a large number of residential units, as well as a wide range of amenities and commercial space. According to the developer, the project will entail investment of approximately $900 million.
Capstone is naming the project Esterra Park and claims that the new live-work campus will total 3 million square feet of space. The mixed-use project will take shape on a 28-acre site located between Microsoft’s headquarters and the Overlake shopping center. According to the Seattle Times, Capstone and Lionstone acquired the site for $33 million, with the developer then proceeding to take down the 500,000-square-foot medical facilities that occupied the site. The project will be the area’s first redevelopment since the construction of Overlake Village in the 1960s.
Set to break ground this summer, Esterra Park will include 1.2 million square feet of commercial office space, while 1,400 residential units and a 250-room hotel will complete the development. The live-work campus will also benefit from the construction of a nearby Link light-rail station that is set to be completed in 2023. Development of Esterra Park will take place in phases, with 500 residential units and three office buildings totaling 650,000 square feet set to be developed starting this summer. The second phase would add a further 550,000 square feet of commercial office space.
Esterra Park is the second large-scale live-work community to be developed in the greater Seattle area, with the Spring District in Bellevue set to add 5.3 million square feet of mixed-use space on a 36-acre site.