Bellevue Gains Brand-New Mixed-Use Project as Area Development Picks Up
- Apr 01, 2013
Seattle’s greater metro area is reaping the benefits of the city’s improving real estate market. And with the positive influence of Microsoft, Amazon, Boeing and Google, the amount of new jobs is bound to attract professionals in need of housing. That is most likely what SRM Development is betting will happen, as the company recently announced plans to start construction on a new mixed-use project in downtown Bellevue, The Puget Sound Business Journal reports.
The project calls for 258 residential units, as well as 32,000 square feet of commercial space. But first the 2.8-acre plot of land will be subjected to a cleanup operation to rehabilitate it to a fit-for-development state. According to official information, the land suffers from soil and groundwater contamination, as well as improper care of the area due to the former presence of a dry cleaner, a gas station and an auto repair shop, according to the PSBJ. The site also housed a KFC, a Goodyear tire store and the Mustard Seed Tavern.
SRM was originally working with Denver-based Frontier Renewal on the project, but Frontier ultimately opted to sell its stake in the project. SRM is currently involved in a number of development projects in Bellevue, as well as being in charge of Google’s campus in nearby Kirkland. The company has expressed certainty that the growing number of residential units hitting the market in the immediate future is motivated, so there is no reason to fear overdevelopment.