Security Properties broke ground on the second phase of its mixed-use development in Bellevue’s 36-acre Spring District neighborhood. Phase 2, which doesn't have a name just yet, will include 279 residential units and two commercial spaces totaling 3,700 SF designed to attract neighborhood-oriented retailers.
"With new residential, retail and office projects on the way, we’re seeing the long-awaited Spring District take shape," says Security Properties chief development officer John Marasco. "For a number of years, the Spring District was merely a conceptual neighborhood fashioned after Portland’s Pearl District.”
Phase 1—Sparc Apartments—includes five buildings totaling 309 units and 15k SF of commercial space. Two of the buildings are slated for completion in February and pre-leasing will begin early next year. All five Sparc buildings will open to new residents beginning in June, coinciding with the opening of Bright Horizon's child care center, which will occupy all of the ground-floor commercial space.
Security Properties expects a 24-month construction timeline for the second phase. The project will be built to LEED standards and participate in the Built Smart program.
Find out more about the future of the Seattle apartment market at our Seattle Multifamily event beginning at 7:30am on Dec. 14 at the Westin Seattle.
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