Bellevue Investors IV LLC, an entity of Seattle-based Vulcan Real Estate, has applied for city design review approval for a 180-unit apartment project with ground-level retail in downtown Bellevue.
The application will be considered at a virtual public meeting May 13.
Vulcan is the owner/developer of the project to build market-rate apartments at 201 106th Avenue NE. It also is planning another 180-unit apartment building immediately west of the 201 site.
The proposed project at 201 106th Ave. NE would be located on the southeast portion of a block bounded by NE 4th Street on the north, 106th Avenue NE on the east, NE 2nd Street on the south, and 105th Avenue NE on the west.
The project would be eight stories, with ground-floor retail and an underground parking garage with 162 parking stalls. It’s estimated construction would begin in August 2022, with occupancy by June 2024, according to city documents.
Development cost was not disclosed.
The project is just one element in 7.5 acres of development sites that Vulcan has downtown. This includes the 555 and West Main towers it’s building to lease to Amazon as part of that company’s plan to have about 25,000 employees in downtown by 2025. Those towers will comprise about 2 million square feet of office space and 64,000 square feet of retail.
The 555 108th Ave. NE project is one tower and West Main, north of Main Street between 105th and 106th Avenues NE, comprises three towers.
“Bellevue has just blossomed into this great city here in the Pacific Northwest,” said Vulcan Real Estate spokesperson Lori Mason Curran, noting Bellevue’s growing presence of tech companies and corporate headquarters, which is driving the need for more housing.
The City has established the framework for building a vibrant downtown, “so we’re really excited to be part of that.”
The 180-unit apartment project will replace three buildings currently on the site that house a Taco Time, Michael’s Fine Dry Cleaning, and Roses & Kennedy Lampe & Shade. These businesses will relocate prior to development, according to project documents.
Vulcan also owns a site across an alley to the west, where it plans the other 180-unit apartment building. That site, known as 200 Plaza, has an address of 206-224 105th Avenue NE. Vulcan hopes to develop it with timing roughly similar to the first project, Curran said.