Sitting in Seattle's shadow, Bellevue doesn't always get the respect it deserves. Once a small city best known for its strawberries, Bellevue has become a metropolis that thrives on the tech industry. In July, the Seattle Times reported the city had 14 cranes, twice as many as it had the year before and more than Boston, Phoenix or Honolulu.
While Bellevue boasts a downtown core, adjacent cities like Kirkland and Redmond are equally important to commercial growth in the area known as the Eastside. All three municipalities are home to dozens of high-tech employers, including tech giants Microsoft, Concur, Expedia, Valve and Bungie.
The growth behind the area's multifamily and office developments will be discussed at The Future of Bellevue event Oct. 16.
The Eastside keeps getting hotter. Here are a few highlights:
Sushi Maru site
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Bellevue is getting taller thanks to investments by Bosa Development. The company recently acquired the former Sushi Maru site at 205 105th Ave. NE from JH Choi LLC for $11M. This site is directly across the street from Bosa's One88 multi-use development, which will be complete in the spring of 2020.
Three years ago, the same parcel sold for only $7M.
So far, Bosa has not announced plans for the Sushi Maru site.
One88
Bosa's One88 development is in the process of leasing five retail suites in the 21-story angular building. The developers hope to attract top-shelf clients with the unique spaces that include 22- to 26-foot ceilings.
This condominium project tells a story about the demand for high-end Bellevue residential units. The three-bedroom, 1,949K SF penthouse went on the market for $2.9M. Condo prices started at $800K.
Kelsey Creek Center
As Bellevue's downtown grows, its suburban retail areas are following suit.
Bellevue-based PMF Investments recently completed major renovations to its 200K SF Kelsey Creek Center in Bellevue.
Its new stormwater treatment system and landscaping design protects Kelsey Creek and the surrounding watershed. The anchor store was expanded 13K SF and an 8,200 SF pad was leased to Starbucks for a new store.
The Residences at 518
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Nearby in Kirkland, the multifamily market continues to thrive. The Residences at 518 recently sold to Goodwin DC LLC for $3.39M, or $339K/unit. The 10-unit apartment complex is at 518 Second St. in Kirkland.
“The multifamily investment market is strong across the Puget Sound region, with the Eastside an increasing focus of interest given the expansion of a number of large technology and e-commerce companies in the area,” Colliers International investment expert Tim McKay said in a statement. “The Residences at 518 drew a lot of attention from buyers looking to leverage both economics, its strategic location and the continuing affluence of Kirkland itself.”
Willow Creek Corporate Center
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The need for multifamily housing comes from employees who work at complexes like the 421,785 SF Willow Creek Corporate Center. Thanks to the growing technology presence on the Eastside, the office market continues to thrive. The Willow Creek Corporate Center recently changed hands for $136M, or $322/SF.
The complex is a hotbed of tech companies. Since January, Facebook’s Oculus has filed $88.5M in permits for offices in the complex.
These projects all indicate that Eastside is in a cycle of growth that shows no signs of slowing down.
Find out more about what is driving growth at The Future of Bellevue event Oct. 16 at the Marriott Bellevue.
