Developers Break Ground on Ambitious Spring District After Six Years in the Pipeline
- Sep 23, 2013
Wright Runstad & Co. has broken ground on its ambitious Spring District, one of the most high-profile development projects in the Puget Sound area. Mayor Conrad Lee and Wright Runstad President Greg Johnson made speeches about the importance of the project for the area, after which guests were invited to roll up their sleeves and contribute to the demise of the first warehouse that is set to go down and make way for the intensely scrutinized transit-oriented Bellevue neighborhood.
The 36-acre site that will house the project is actually the work of a joint venture between Wright Runstad and The Shorenstein Co., and will include large residential and office real estate components when completed. With the project set to be in development for around 15 years, and the 16 blocks under the developer’s ownership for six years now, the infrastructure work will be shotgunned and ready by the spring of next year. The 36-acre site was acquired back in 2007 for a total of $68 million, and an additional $20 million has been committed to the infrastructure work necessary at the location, the Puget Sound Business Journal writes.
Wright Runstad has everything in place for two office towers, with heights of nine and 11 stories and around 491,000 square feet of space. Security Properties is in play for the district’s quota of residential units, with the company set to develop five apartment buildings totaling 316 units.
According to company data, the 16 city blocks that will take shape in Bellevue will eventually offer 3.7 million square feet of new office space, 158,000 square feet of retail and 1.2 million square feet of retail, as well as 199,000 square feet of hotel space for the newly created neighborhood. The area will feature newly built roads and utilities, and will be anchored by a new light-rail station that will take place nearby. Occupancy of the new homes begins in 2015.