Vulcan Real Estate announced recently that the company has secured a 1.4 acre, fully-entitled development site in the Bel-Red Corridor of Bellevue. The Seattle-based company intends to build a multifamily housing complex on the site — formerly owned by Summerhill Apartment Communities — to meet the growing demand for housing on the Eastside.
The sale will add 270,000 square feet of Eastside multifamily housing space to the company’s résumé. The eight-story apartment complex, tentatively set for completion in 2023, will feature 249 residential units.
The development site, sold for $17.9 million, is Vulcan’s first in Bellevue outside of the Central Business District. The property boasts a prime location: future residents will be one stop from Facebook’s Spring District campus, two stops from Amazon’s downtown Bellevue campus, and two stops from Microsoft’s Redmond campus.
“We are excited about expanding into the Bel-Red Corridor,” Ada M. Healey, chief real estate officer for Vulcan Inc., said in a press release. “The development opportunity aligns with our values and goals around sustainable, transit-oriented development.”
Vulcan also is in the process of developing some 2 million square feet of office space in Bellevue’s Central Business District at 555 Tower and West Main. Both, per the release, have been leased to Amazon and are scheduled to be completed in 2023.
“With 10 million square feet of office space slated for delivery on the Eastside by 2025, much of which is pre-leased, we anticipate the creation of over 50,000 new jobs, driving strong apartment rental demand and rent growth in the years ahead,” Healey said.