Seattle-based commercial real estate firm Urban Renaissance Group LLC (URG) and its development arm, Touchstone, are exploring possible expansion and new uses at their 14-acre Cascade Yard commercial office campus along Interstate 90 in Bellevue.
URG and Touchstone are reviewing opportunities for additional/updated office facilities, multifamily residential, a parking garage, retail, and a large, welcoming open space adjacent to the site’s new amenity building known as The Yard.
“We are looking into development potential at Cascade Yard through the City of Bellevue’s master development plan process,” URG founder and CEO Patrick Callahan said in a news release. “The adoption of the transit-oriented district (TOD) code within Cascade Yard’s footprint presents interesting opportunities for campus expansion to serve existing and new tenants.”
Cascade Yard — located at 3380 146th Place SE paralleling the north side of I-90 just west of the 148th Avenue interchange, and a block from the Eastgate Park & Ride Transit Center — was previously known as the Lincoln Executive Center. URG and real estate finance and investment management firm PCCP LLC purchased the 14-acre campus in December 2019 and renamed it Cascade Yard after the site’s history as a lumber yard in the mid-20th century.
The site, with large areas of surface parking, could accommodate at least 300 units of multifamily housing, more than 500,000 square feet of additional office space, a yet-to-be-determined amount of retail, outdoor amenity space, and a garage.
URG and Touchstone have begun the entitlement process with the City and would hope to start a phased development in a few years. Estimated cost for the work was not released.
“The vision is to create a more mixed-use, transit-oriented development that continues to provide better access to amenities, including housing, retail, and the adjacent Park & Ride,” URG and Touchstone said via email. “We see an opportunity to improve the site for our existing tenants with better access to amenities, as well as add additional density and uses to capitalize on Cascade Yard’s strategic location.”
URG, Touchstone, and PCCP are working with the City to create a project phasing plan that minimizes disruption to existing tenants at Cascade Yard while bringing new facilities to the market and to existing tenants as quickly as possible, according to the release.
Cascade Yard is a five-building, Class-A office complex featuring recently remodeled lobbies, common areas, and open space. It also includes new exercise facilities with showers and lockers; training and conference facilities; a deli, and coffee and espresso bar operated by Walla Walla Farms also open to the public, and indoor and heated outdoor seating.
Under the development plan URG and Touchstone are considering, one of the buildings at the site, Building A, would be replaced by the parking garage in the first phase of development. Building B would be demolished during the second phase to make room for the residential building.
Tenants in Buildings A and B will have opportunities to relocate within Cascade Yard’s existing buildings, or into two new office towers proposed for the property.
Since buying the site in 2019, URG and Touchstone have continued to invest in the existing properties and are committed to its ongoing improvement, according to the email.