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Bel-Red TOD
Sale Price: $12,300,000
For more information about this property, please contact the listing broker.
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Sale Summary
Case Study
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Quote
“Its not often that we are hired by another apartment broker to sell property, yet in the case of this really special piece of land, we were certainly the perfect team to thread the needle and achieve miraculous results. It’s a great feeling when a client expresses true gratitude for a job well done.” – Dylan Simon
Property Details
Sale Details
Opportunity
The East Link Extension will represent the biggest step in east-west connectivity for the Puget Sound region since the 520 Bridge was built in the 1960s. This extension includes ten stations that will serve Seattle, Mercer Island, Bellevue, Bel-Red, and Overlake in Redmond.
The project’s final design permit was approved in January 2016 by the City of Bellevue. Construction kicked off April 2016 with demolition of buildings in Bellevue to make way for the downtown Bellevue tunnel. In the summer of 2017, construction began on the I-90 bridge to build the light rail across the lake.
The East Link, slated to open in 2023, will drastically reduce commute times across Lake Washington and will decrease congestion on I-90. Eastside residents will have unprecedented access to Downtown Seattle, Seatac Airport, the University of Washington, and the northern suburbs.
The Bel-Red Station, located between 130th and 132nd Avenues NE, will be the ninth of the ten new stations along the East Link extension. This at-grade station will connect current residents to Seattle’s core and also lay the foundation for the Bel-Red community’s future growth and development.
The station’s construction will include a new Park-and-Ride facility for a minimum of 300 parking spaces as well as bicycle storage, lockers, and racks. These transit measures are all part of the City of Bellevue’s transit-oriented development project north of the station.
Location
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Bel-Red TOD
1600 132nd Ave NE
Bellevue, WA 98005
Units: 249 (Massing)
Price: $12,300,000
About the Area
The Bel-Red Corridor represents the ideal marriage of transit and urban development. Located between SR 520 and Bel-Red Road and extending from I-405 to 148th Avenue Northeast, Bel-Red is a major employment area for Bellevue and supports approximately 20 percent of the city’s total employment and more than 2,000 businesses.
One of Bel-Red’s largest developments will be the addition of two light rail stations, allowing the City to plan for transit-oriented communities around them. The East Link Light Rail will aid one of Bel-Red’s current projects, the Mobility and Infrastructure Initiative, by providing alternate modes of transportation to reduce current and future road congestion.
With downtown Bellevue to its west and residential neighborhoods to its east, the planned Spring District will bridge urban and residential communities in the Bel-Red area. The development of the Spring District will enable the area to capitalize on compact development, create a center for business and urban living, and enhance the opportunity to serve the region. The development goal is to create a walkable community with pedestrian scaled blocks, “green” streets, ground floor retail, and transit.
The Spring District is ideal for sustainable living and will support energy efficient buildings, storm water runoff capture and treatment, native vegetation, habitat restoration for, a centrally located transit station, and more.
By the year 2030, the Bel-Red area is projected to generate 10,000 new jobs and 5,000 new housing units. It will support better local and regional transportation connections through transit-oriented developments and the light rail extension. There will be new parks, trails, bike paths, and other amenities.
3,884
Number of Households (1 Mile)
$121,000
Average Income (1 Mile)
9,500
Current Population (1 Mile)
36.4
Median Age (1 Mile)
Contact Us
Exclusive Listing Brokers
Colliers International WA LLC is the exclusive Listing Brokerage for this Offering. Dylan Simon, Jerrid Anderson, and Matt Laird are exclusively representing the Seller in the sale of the Bel-Red TOD.
