[SeattleHusky82]

2005-07-31

Planners approve first phase of giant downtown project

BELLEVUE: Bellevue planners have approved a design review application for the first phase of a major downtown project. The deadline to appeal the decision ends Aug. 11.

Called Washington Square, the project eventually could include $1 billion worth of development and cover the entire 9-acre ``superblock'' north of Northeast Eighth Street between 108th and 106th avenues.

Approved last week were plans to build two 19-story condominium towers over three-story townhomes for a total of 347 units. The plan also includes 9,053 square feet of retail space, 9,054 square feet of restaurant space and 5,000 square feet of open space.

The owner of the property is Utah-based Wasatch Management & Development LLC, which acquired most of the land from the late Bellevue developer Eugene Horbach.


Washington Square. Kind of a rip off of Lincoln Square. Maybe Schnitzer will rename the Meydenbuer mixed use project to Jefferson Square or.......Bush Square? :rolleyes:

for some renderings...check out this link:
http://www.collinswoerman.com/boards.htm

[PDXPaul]

Yeah Bush Square! That'd be sweet!

Or what about Jefferson, Clinton square! haha, ah I'm so amused right now...

[Navyweaxguy]

So what the hell is the rest of the development.. 1 billion goes a hell of alot further than two dinky ass 22 story buildings... that covers maybe 100 million of it at most.

[James Bond Agent 007]

Ah yes, I remember this one.

I guess those two buildings are just the initial ones.

[SeattleHusky82]

So what the hell is the rest of the development.. 1 billion goes a hell of alot further than two dinky ass 22 story buildings... that covers maybe 100 million of it at most.

Eventually its going to include 5 total condo towers, an office tower, maybe a hotel, and a large amount of retail space. I can't wait for them to start construction, I'm strongly considering purchasing one of these condos if the price is right.

[urbanlife]

you know I may not like Bellevue, but for an edge city I have to give it credit, they are doing one hell of a job.

[bgwah]

Yeah Bush Square! That'd be sweet!

Or what about Jefferson, Clinton square! haha, ah I'm so amused right now...

Well Bush or Clinton Square would be better!! I mean honestly, how many Washington Squares are there already? Bush or Clinton would at least be a bit more unique.

I wish they would use a more local name. Why not a former governor or senator of Washington? Why not use a Native American word?

But I guess our state is named Washington, so whatever.

[northface]

great news and how could u hate bellevue?

[destroybananas]

^because it's so car oriented unless you live downtown. I just can't wait for the next two 41-story towers that are being proposed to be built already. But I do like Bellevue's street grid.

[MarkDaMan]

Well Bush or Clinton Square would be better!! I mean honestly, how many Washington Squares are there already? Bush or Clinton would at least be a bit more unique.

Yeah, they could name one tower the Bush Tower and the other the Clinton Tower to see which one fills up first.

[schoolyD]

So what the hell is the rest of the development.. 1 billion goes a hell of alot further than two dinky ass 22 story buildings... that covers maybe 100 million of it at most.

Eventually its going to include 5 total condo towers, an office tower, maybe a hotel, and a large amount of retail space. I can't wait for them to start construction, I'm strongly considering purchasing one of these condos if the price is right.

Yep - I think I would also, they will be we located off the main traffic flow - and near the library which is a nice amenity

[schoolyD]

Well Bush or Clinton Square would be better!! I mean honestly, how many Washington Squares are there already? Bush or Clinton would at least be a bit more unique.

Yeah, they could name one tower the Bush Tower and the other the Clinton Tower to see which one fills up first.

Damn that is funny!

[northface]

quick qustion....has the techonology tower, lincoln tower office and cosmopolitain tower in seattle start construction?

[seapug]

i know the cosmopolitan is under construction, it's about 2 levels above ground now

[JiminyCricket II]

yeah, cosmopolitan has been u/c since may.

[SeattleHusky82]

I drove by the site today and it looks like excavation work has started. The buildings on the NW corner of the site have been demolished and the trees and other plants on the rest of the site have been cleared. I hope a sales center opens soon cuz I'm really considering purchasing a place there.

[northface]

what site r u talking about? ^

[SeattleHusky82]

Washington Square

[destroybananas]

Everything in Bellevue is "something" square...wears me out. I wish they would get over that already. It's not very original.

[PDXPaul]

Square Square- The newest retail development to hit downtown bellevue and the eastside

or for bgwah

Square Center Plaza- Bellevue's latest shopping destination

[bgwah]

Everything in Bellevue is "something" square...wears me out. I wish they would get over that already. It's not very original.


Yeah...We need a center and a plaza, too!

[SeattleHusky82]

Superblock work begins in Bellevue; land is being cleared for condo construction
2005-08-17
by Clayton Park
Journal Business Editor

BELLEVUE -- The Utah developers who bought the so-called ``Bellevue Superblock'' in 2002 have begun clearing land on a portion of the block to make way for the first two of five condominium towers they have planned for the downtown Bellevue property.

Wasatch Property Management Inc. on Tuesday announced that it started demolishing some small buildings on the northwest corner of the superblock on Aug. 2, with plans to start construction of two 22-story condo towers within the next few weeks.

Each tower will have 180 condo units and will be connected to a 757-stall underground parking garage.

The 10.5-acre superblock is bordered by Northeast 8th Street on the south, Northeast 10th on the north, 106th Avenue Northeast on the west and 108th Avenue Northeast on the east.

When the initial phase of the project is completed in early 2008, the three-acre site will also include 26 two-story townhouses, complete with small front yards that face Northeast 10th Street, as well as 20,000 square feet of neighborhood-oriented retail shops, said Roger Nyhus, a spokesman for Wasatch.

The cost for the first phase of the Wasatch Superblock project is expected to be approximately $255 million, Nyhus said.

Wasatch paid $11.5 million to purchase most of the block in 2002 from the late Bellevue developer Eugene Horbach, according to county records. The Logan, Utah-based company proceeded to buy remaining portions of the block over the next few years.

The developers spent more than $10 million to acquire the final one-acre parcel in March from Lake View Commons LLC, a group believed to be made up of Microsoft investors.

Wasatch officials unveiled plans in January for a mega-sized $1 billion mixed-use complex that would take eight to 10 years to complete and which would ultimately be twice the size of Lincoln Square, the huge retail/hotel/office/condo complex currently under construction across the street from Bellevue Square shopping mall.

The superblock is located kitty-corner from Lincoln Square, just east of Bellevue Place.

The Wasatch Superblock project will eventually have five condo towers, a high-rise office building, a hotel, more than 150,000 square feet of retail shops and restaurants, a terraced outdoor plaza, pedestrian walkways, a meeting center and a ``world-class'' health club, according to its developers.

``This is the first phase of a project that will change the face of Bellevue and help revitalize the downtown core,'' Wasatch president Dell Loy Hansen said in a statement issued Tuesday. ``We envision the Wasatch Superblock as a pedestrian-friendly community that will make downtown Bellevue both more livable and vibrant.''

The initial phase of the project is being financed by US Bank. The project architect is Seattle-based CollinsWoerman. The contractor is Salt Lake City-based Big-D Construction.

Nyhus said construction of the first phase of the Wasatch Superblock project is expected to involve ``hundreds of workers.''

The city granted the project design review approval in July and a permit for demolition on Aug. 1.

[destroybananas]

^I saw them clearing out the block yesterday.

[DowntownBoy]

Awesome!!

Bellevue could be a good example of a "edge city" that is trying to become a more pedestrian friendly and residential city.

I can't wait to see what Bellevue looks like in 2010.

[bgwah]

Awesome!!

Bellevue could be a good example of a "edge city" that is trying to become a more pedestrian friendly and residential city.

I can't wait to see what Bellevue looks like in 2010.

I'm wondering if the skyline will look like a blob of 300-400 foot buildings...Bellevue needs some height. The 450 foot height limit is pointless.

[destroybananas]

^you know I really hope that it doesn't.

[DowntownBoy]

Well at least there are a few hills that can add/decrease the perceved height.

They really should bump up the height limit to 650 feet.. imho.

[destroybananas]

^are you a ho? :D (imho)

[northface]

they need to....i wonder what proposals would come up then..

[bgwah]

Well at least there are a few hills that can add/decrease the perceved height.

They really should bump up the height limit to 650 feet.. imho.

Why does it need a height limit at all?

I would also like to see some mid-high rise buildings in other parts of Bellevue, like Factoria, Crossroads, and Bel-Red. I think downtown Redmond is ready for some 10-12 story buildings, too. And Kirkland has been ready for a while!

[destroybananas]

you can forget about Kirland on that one, at least on the residential part. Kirkland has a lot of nimby's that would never allow a condo tower by the water. I don't think Redmond should have a height limit either.

[northface]

LYNWOOD!

[schoolyD]

Awesome!!

Bellevue could be a good example of a "edge city" that is trying to become a more pedestrian friendly and residential city.

I can't wait to see what Bellevue looks like in 2010.

I'm wondering if the skyline will look like a blob of 300-400 foot buildings...Bellevue needs some height. The 450 foot height limit is pointless.

You all need to see the MASSIVE whole they have already dug on that site!

[northface]

for wasatch?

[bgwah]

you can forget about Kirland on that one, at least on the residential part. Kirkland has a lot of nimby's that would never allow a condo tower by the water. I don't think Redmond should have a height limit either.

I know, and it's very unfortunate. Kirkland's waterfront is probably the most urban area on the Eastside!

But Redmond's city center is mostly built out and the city is growing pretty slowly now. If they ever do put a rail line of some sort down 520, the line would go right by Redmond Town Center, which doesn't have an residential as it is (the only component missing as it already has two hotels, a bunch of office buildings, and over 100 stores). That would be a great spot for a rail station and some taller residential buildings.

[SeattleHusky82]

Bellevue 'superblock' redevelopment begins

Active development has begun on the downtown Bellevue property known as the "Wasatch Superblock," according to an announcement from Wasatch Development Associates, an affiliate of BV Holdings LLC, which owns the 10.5-acre property.

Redevelopment of the prime downtown real estate has been discussed for years, but several developers have failed to break ground to this point.

Wasatch said in an announcement that the three acres located on the northwest corner of Northeast 10th and 106th streets are now being cleared to make way for two 22-story condominium residential towers and a 757-stall parking garage. Each tower will include about 180 condos, according to the announcement. This is the first phase of an ambitious five-phase development that will also include 20,000 square feet of retail space.

All told, Wasatch is planning five condo towers and a hotel, along with 150,000 square feet of retail. Missing is an office tower that was a centerpiece of past plans for the property.

BV Holdings in September 2002 acquired the superblock from E&H Properties Inc., the company owned by developer Eugene Horbach, for $30 million. Horbach had planned a major development at the site, which currently is occupied by aging, single-level retail and office buildings. But Horbach fell behind with his lenders and was about to be foreclosed when BV Holdings bought him out.

[DowntownBoy]

^are you a ho? :D (imho)

Depends who's asking :P

[DowntownBoy]

LYNWOOD!

Lynnwood has two n's hun.

Didn't Lynnwood just recently raise the city's height limit? I remember something about trying to encourage higher density and buildings the commercial core.

[bgwah]

LYNWOOD!

Lynnwood has two n's hun.

Didn't Lynnwood just recently raise the city's height limit? I remember something about trying to encourage higher density and buildings the commercial core.

Yeah, I think they did. Who knows if anyone will actually build a high-rise there, though.




So does Washington Square no longer include an office building? :???: They sort of made it sound like that in that article, but I don't see why they would do that.

[destroybananas]

Lynnwood is currently working on recruiting investors to get that started. Hopefully they'll have good luck on that.

[mSeattle]

Renderings?

[Navyweaxguy]

Lynnwood did raise thier height limits to 350 feet. It was at 125 or 150, I can't quite remember.

[PDXPaul]

Yeah lynnwood's leadership/planners a while back said they wanted Lynnwood to become what Bellevue is today, to become snohomish co's Bellevue, it's downtown, it's job center, transit center. I think it's got all the pieces necessary, it's physically central, it's got alderwood, good transportation to it. If you look at ST's corridor numbers a light rail line to lynnwood from northgate would carry 40k passengers. Plus snohomish co is growing like a weed and supposed to continue to outpace kingco in pop growth % for the next couple decades.

[SeattleHusky82]

Check out this link:

http://www.ci.bellevue.wa.us/departments/Development/pdf/04-136256-LD-Washington%20Square-NOD.pdf

there's some renderings and site plans towards the end in addition to some good info.

[destroybananas]

very cool, thanks for the link Seattlehusky82.

[mhays]

It's great that Bellevue provides this sort of info. Apparently Seattle doesn't, hence the fact that nobody has found a similar document for WaMu?

[bgwah]

So it appears that the towers will be approximately 235 feet. Too bad that PDF is black and white, if it weren't we would get a better idea of what color it would be. The only renderings out are surely too lightly colored to have the actual colors.

[huskybda]

Where did you get the idea that this project is called Washington Square? I thought the first phase of the Wasatch superblock was called The Fountains... I may be wrong though.

[SeattleHusky82]

^ check out this link http://www.ci.bellevue.wa.us/depart...0Square-NOD.pdf

they refer to the project as washington square. plus, there was a short article in the king county journal a month or so ago that stated the name of the project as Washington Square. Maybe the first phase is "The Fountains at Washington Square" or somethin like that..

[urbanlife]

you know I may not like Bellevue, but for an edge city I have to give it credit, they are doing one hell of a job.

After my recent trip there, I take this statement back.

I have a Bellevue photo tour coming up, from this past sunday morning. Needless to say I was not happy about Bellevue, but I did take some great pictures of the city.

[SeattleHusky82]

you know I may not like Bellevue, but for an edge city I have to give it credit, they are doing one hell of a job.

After my recent trip there, I take this statement back.

I have a Bellevue photo tour coming up, from this past sunday morning. Needless to say I was not happy about Bellevue, but I did take some great pictures of the city.

which statement? the fact that you don't like bellevue or that you think they're doing a hell of a job?

[bgwah]

Does it matter? Bellevue is just getting started. :D

[horatio_the_hermit]

All this talk of lynwood makes me unhappy. One of the primary reasons bellevue doesnt raise its height limits is to keep 405 traffic reasonably conjested unlike everett that has a constant backup on i5. Also, they are working to follow in vancouvers footsteps bringing in 60-100 meter residential buildings to create a liveable but interesting downtown.

I, however, do think they could stand to raise the height limit to like 700 feet from 450. They can keep it at that untill an I-805 is constructed to the west of downtown bellevue that goes right under the hilltop neighborhood.

Woo hooo

[mhays]

Nobody is proposing a highway west of Downtown Bellevue -- not that I've ever heard. Even if they did, it wouldn't happen anyway due to massive lack of support by 1. taxpayers; and 2. the neighborhoods it would go through. Not to mention those of us who hate the idea of more roads. Thank the gods.

The idea in Lynnwood is more about concentrating the north end's office development, and not so much about increasing the level of development. With this in mind, the effect on 1-5 is generally the same regardless of what Lynnwood does. So, I don't get your point.

[horatio_the_hermit]

The I-805 thing was kind of a joke. Sorry about that.

[destroybananas]

you know I may not like Bellevue, but for an edge city I have to give it credit, they are doing one hell of a job.

After my recent trip there, I take this statement back.

I have a Bellevue photo tour coming up, from this past sunday morning. Needless to say I was not happy about Bellevue, but I did take some great pictures of the city.

which statement? the fact that you don't like bellevue or that you think they're doing a hell of a job?

Yeah I think it's funny that a young suburb would be expected to have accomplish so much in it's 50 years of history. Every one is expecting a city with old architect to give it character. It's just a recently sleepy suburb beginning it's first steps into growing taller and more pedestrian friendly.

[SeattleHusky82]

I visited Vancouver this weekend and I got a chance to see some condo towers with townhomes on the ground level just like how Wasatch is planning for this project. It's a great concept, can't wait to see it in bellevue.

[urbanlife]

you know I may not like Bellevue, but for an edge city I have to give it credit, they are doing one hell of a job.

After my recent trip there, I take this statement back.

I have a Bellevue photo tour coming up, from this past sunday morning. Needless to say I was not happy about Bellevue, but I did take some great pictures of the city.

which statement? the fact that you don't like bellevue or that you think they're doing a hell of a job?

Yeah I think it's funny that a young suburb would be expected to have accomplish so much in it's 50 years of history. Every one is expecting a city with old architect to give it character. It's just a recently sleepy suburb beginning it's first steps into growing taller and more pedestrian friendly.

Or I could of been expecting better planning. Personal tastes, there is alot of change going on almost to much to judge right now. But this whole 50 years crap means nothing. If you have good planning and ideas from the beginning then you could have so much more than what is there now.

I do undertand the beast that rules Bellevue (the car) and I am well aware of the mistakes we as a country have made when desiding the future of our cities, but being young is no excuse.


Hell almost every city on the west coast is young in comparison to the cities on the east coast or even europe. The city I was raised in was created in 1963, I am still criticing that city on many of the mistakes they have made. I am also praising them on the smart ideas they have followed through with.

I may change some of this after I sit and read what Bellevue's future plans are tomorrow, who knows. Either way you look at it, a healthy debate comes from people with different opinions and ideas.

[bgwah]

But the point is it's not fair to blame the CURRENT city government for what happened fifty years ago, as they had no control over it. It's not fair to tell them they're doing a bad job considering what they have to start with.

[urbanlife]

see you are thinking I am posing blame on current people. When I am actually posing blame on past people and have yet to read the future plans for Bellevue. I will decide my stand on that after I have read the reports.

[destroybananas]

^in all honesty who cares on what your stand is. Personally speaking, who cares about what the past decisions have made Bellevue, the deed is done, the only way we have to look to now is forward to our future. We already know what sucks about Bellevue. Unlike Seattle, Bellevue is ahead on it's planning and it will get it done sooner I think.

[mhays]

Yes, I for one am definitely aware of many of Bellevue's failings! I agree about the blank walls. I hate the wide streets and sometimes-narrow sidewalks. I wish that the "development sites" currently in suburban form would hurry up. And I look forward to the decade when Bellevue finally has "old" buildings and so can accommodate a diverse range of enterprises in a physically-urban format, like non-profits.

[urbanlife]

wow, something other than praise for Bellevue. I am suprised.

[destroybananas]

We still like Bellevue regardless of it's inperfections. Just like you love Portland regardless of it's imperfections.

[urbanlife]

^^ I will agree with that.

[schoolyD]

Everything in Bellevue is "something" square...wears me out. I wish they would get over that already. It's not very original.

But it is "safe" and that is what corporate tenants want - something safe and not very original

[schoolyD]

for wasatch?

YES

[urbanlife]

Everything in Bellevue is "something" square...wears me out. I wish they would get over that already. It's not very original.

But it is "safe" and that is what corporate tenants want - something safe and not very original

That will always annoy me, but not much can be done about that.

[mhays]

wow, something other than praise for Bellevue. I am suprised.

All of my points are recurring themes when I talk about Bellevue.

[SeattleHusky82]

I wonder when they're going to open up a sales center or at least a website, it seems like most of the other projects have those elements ready before they even start construction.

[mhays]

Actually, if the developer has enough cash or financing beforehand, they can wait before selling anything. That way they can get 2006 or 2007 prices rather than 2005 prices. Though I have no idea what Wasatch's plan is.

[mhays]

PS, this is also why some projects sell a percentage in advance, then wait and sell the rest later. If you sell 50% to people who give you 5% up front, you have 2.5% of your eventual money to use for cash flow and to leverage your financing.

[SeattleHusky82]

http://seattletimes.nwsource.com/html/realestate/2002500472_superblock18.html

Bellevue superblock project finally moves past roadblocks

By Tom Boyer

Seattle Times business reporter

DEAN RUTZ / THE SEATTLE TIMES

The first phase of Wasatch Development's Washington Square in downtown Bellevue is under way, with excavation taking place along Northeast 10th Street, between 106th and 108th avenues northeast.

Downtown Bellevue's most ambitious project since Lincoln Square has sprung from the dreams — and heartbreak — of late developer Eugene Horbach.

Horbach spent 17 years of his life acquiring the pieces of a 10-acre superblock along busy Northeast Eighth Street to build a shopping mall, entertainment complex and luxury hotel.

But he got into deep trouble trying to build an office tower for software and Internet companies when the tech recession hit. Horbach had mortgaged his superblock to pay for the Technology Tower, and he was about to lose both.

Days before foreclosure in 2002, he called Dell Loy Hansen, an old acquaintance and a real-estate entrepreneur in Utah, and said: "I've got a little problem."

Hansen's company, Wasatch Development, agreed to buy the superblock if Horbach would buy into a partnership to develop the land. Horbach was unable to find the money before he died in January 2004 at 77.

So, for a recession-year price Hansen calls "30 cents on the dollar" — reportedly more than $30 million — Wasatch ended up with a rare opportunity to develop on a grand scale in the middle of a prosperous city.

"How often do you get to build a community within a community?" Wasatch Executive Vice President Paul Willie said. "You know, 10 acres right in the center of a great community."

Wasatch has begun — and, unlike Horbach, appears to have the financial clout to carry out — a $1.2 billion development plan called Washington Square that includes 900 condominiums and town houses, a hotel, office tower and restaurants in five high-rise towers and low-rise buildings clustered around them.

The company's holdings include 11,000 apartments from California to Utah, many of them bought at fire-sale prices in the commercial-property meltdown of the late 1980s.

Wasatch also bought a distressed office tower in downtown Salt Lake City after the tower lost its lead tenant to a merger. Shortly afterward, Utah won the bid to host the 2002 Winter Olympics, and Wasatch made a bundle leasing to Olympic organizations.




Wasatch wants to build five towers in Bellevue — a plan just as ambitious as Horbach's — but Hansen plans to build it and sell it in stages, instead of trying to develop it all at once, as Horbach tried to do.

"I haven't found the financing vehicles that accomplish his vision at one time, other than straight cash," Hansen said. "The vision was unfinanceable."

First stage

The first stage will be two condo towers, totaling 361 units, which will start to sell in January for 2007 move-in. Prices are expected to start around $220,000 for a one-bedroom, 580-square-foot unit.

Other stages will follow on a close timetable. Assuming tenants are found for a planned office tower, Hansen expects the whole project to take about five years to build.

The excavation along Northeast 10th Street, at the superblock's northwest corner, speaks to the size. After just two weeks, the hole is six stories deep. A steady line of dump trucks hauls away 8,000 cubic yards of soil a day.

In one sense, the development is in tune with automobile-happy Bellevue. Under the buildings will be garages with 4,500 parking spaces (nearly four times the size of Seattle's biggest parking garage, underneath Pacific Place). Each of the luxury town houses will have its own double garage.

Fully built out, with five high-rise towers, Washington Square will be packed with people, but the developers want to project a greener look than one usually associates with downtown Bellevue.

And with the full 10.5-acre superblock as its canvas, Wasatch can create its own mini-neighborhood the way a suburban developer has control over a subdivision.

"Cuddle" experience

"Our goal is to build, ultimately, 900 units of housing in the block and make that feel as if it isn't that dense," Hansen said. "It's not just walking by a storefront. It's a bench, and it's a waterfall, and it's a tree. It's an experience of where you cuddle into your community. So the landscaping is critical, the fountains are critical."

In a manner similar to some of the big condo developments in Vancouver, B.C., the towers are set back from the street and from pedestrian walkways, with lower-rise structures — town houses and stores — projecting a less-imposing edge.

Wasatch has chosen colors to reinforce this — bright, warm colors for the buildings at the ground floor, neutral blues for the towers above.

Within walking distance from Bellevue Square, downtown high-rises and most Bellevue cultural institutions, the condos will be marketed as a place where your car can be left in the garage for days at a time.

But the city didn't plan for walking around Bellevue. In the 1950s, its leaders decided to lay out downtown in 600-foot-long "superblocks" that are three times as long as Portland's city blocks.

The idea was to design a city for cars because everybody would drive where they needed to go. The result was intimidating concrete streetscapes.

Now, trying to attract more people to live downtown, Bellevue is encouraging landowners to break up the superblocks with plazas and paths.

With good design, some think the superblocks could turn from a weakness into a strength by creating a haven from cars in the middle of the blocks, like in Europe, where some downtown streets are closed to create public spaces.

Kemper Freeman's Lincoln Square — which, like the Wasatch superblock, was taken over from a financially distressed developer — has sold its high-end condominiums briskly, proving there's demand for downtown Bellevue living.

Dean Jones, a condo-marketing expert who has worked on projects for Vulcan and other developers, says many Seattle condo buyers work in Bellevue and tolerate the reverse commute to live the downtown Seattle lifestyle.

"As Bellevue invests in and defines its own 'east village' of attractions, cultural enrichment, nightlife, the residences will soon follow suit," Jones said. "Bellevue's growing out from being a great place to [work] and shop."

Leslie Williams, who has overseen marketing for many of Seattle's biggest condo projects, says downtown Bellevue could develop as a residential neighborhood faster than people think. As recently as 1992, she said, Seattle had never seen a condo project sell out; now it's happening regularly.

Cheryl Lotz, a veteran property appraiser who has looked at Wasatch's plans, says the huge scale — bigger than anything that's been tried in the Puget Sound area — can work to the project's advantage.

"If you have a well-financed marketing campaign and an attractive product that has a wide variety of unit sizes and pricing, these buildings can almost create a market unto themselves," said Lotz, a senior analyst and manager at PGP Valuation in Seattle.

In Vancouver, B.C., where clusters of condo skyscrapers with thousands of units have become the norm, developers have perfected the art of building new towers with their own distinct character, encouraging existing customers to move up into more luxurious digs.

Wasatch, planning five towers, can do the same in Bellevue, Lotz said.

Hansen has been paying attention to the U.S. urban condo boom. He's confident the revival of city living is a lasting trend. He and his bankers are betting a billion dollars on it.

"It's a change from the '50s when the freeways developed, and we could go out into our cars and afford to each own a castle out there," Hansen said.

"What we've seen, long before gas became $3 a gallon, is there's a return to a nurtured, well-thought-out, unified urban-living experience," he said. "And America is turning there more quickly than most people realize."

[northface]

hmmm i wonder hwo tall and how many story's these towers will be.

[destroybananas]

hey good news.

[James Bond Agent 007]

From SeattleHusky's article

http://seattletimes.nwsource.com/ABPub/2005/09/14/2002495611.jpg

http://seattletimes.nwsource.com/ABPub/2005/09/15/2002495575.jpg

[destroybananas]

woo hoo go Bellevue!!!

[SeattleHusky82]

http://www.djc.com/stories/images/20050929/WashingtonSquareCondominiums.jpg

http://www.kingcountyjournal.com/sited/story/html/218607

Big plans for `superblock': Initial phase of $1.2 billion Bellevue project will include condos, townhomes, retail
2005-09-28
by Clayton Park
Journal Business Editor

BELLEVUE -- Wasatch Development today will officially unveil its plans for the first phase of its Washington Square project, a massive $1.2 billion mixed-use complex that, when fully built, will cover an entire 10.5-acre ``superblock'' in downtown Bellevue.

The first phase, which is expected to be completed by late 2007 in the northwest corner of the block, will include two 22-story condo towers, a row of 26 two-story townhomes complete with individual front yards along Northeast 10th Street, retail shops and restaurants and a five-level 751-car underground parking garage.

The superblock is located one block east of Bellevue Place, bordered by Northeast Eighth Street on the south, Northeast 10th Street on the north, 106th Avenue Northeast on the west and 108th Avenue Northeast on the east.

Excavation of the site for the initial phase of Washington Square began Aug. 2 and is about two-thirds complete, said Paul Willie, an executive vice president with Logan, Utah-based Wasatch who spoke with the Journal on Tuesday.

``This is probably one of the largest, if not the largest, excavation ever done in downtown Bellevue,'' said Willie, who noted that the hole that will become the parking garage for the two condo towers and row of townhomes covers 2.3 acres and is five stories deep.

Willie said his company expects to begin pouring the concrete for the foundation and footings of the initial phase of the project in October.

Wasatch plans to begin taking orders for the townhomes and units in the two condo towers in January, with prices ranging from about $300,000 to more than $1 million for the one-, two- and three-bedroom condo units, and more than $1 million for each of the townhomes.

Each townhome will be connected via a private elevator to its own 2½-car underground parking space that is part of the parking garage for the first phase of the project.

Willie on Tuesday outlined the future phases for the project:

* A second phase, which could begin construction as soon as next summer, will include a 50,000-square-foot amenities building in the center of the block that will include a meetings and events facility as well as an athletic club and spa, and a retail/hotel/condo tower on the southeast corner of the block that will be ``probably taller than 22 stories.''

* The third phase would be a 30-story, 500,000-square-foot office tower on the southeast corner of the block.

* The final phase would be a pair of 30-story condo towers on the northeast corner of the block.

Each phase of the project would include its own underground parking garage. Willie said it has not yet been decided if the parking garages would be connected.

The mixed-use complex will also include a terraced outdoor plaza, courtyard gardens and pedestrian walkways.

``What we're trying to create here is a pedestrian-friendly community ... with offices, shopping and restaurants all within a thousand feet of where you live,'' Willie said.

Wasatch acquired most of the so-called superblock in 2002 from the late Bellevue developer Eugene Horbach, who died on New Year's Day 2004. The Utah company acquired the remaining portions of the superblock in 2004 and 2005.

County records show that Wasatch paid $11.5 million to acquire the portions of the superblock that Horbach owned, but Willie said that amount did not include the ``good chunk of debt'' that the company also assumed from the Bellevue developer as part of that deal.

Willie said Wasatch spent close to $50 million to assemble the entire superblock, including $10.24 million it paid on March 11 to acquire the last 1.03-acre parcel from Lake View Commons LLC.

Clayton Park can be reached at clayton.park@kingcountyjournal.com or at 253-872-6717.

[SeattleHusky82]

Can't wait to see Phase II with the hotel/condo!

[destroybananas]

^same here.

[bgwah]

The towers look nice in the picture. Each townhome getting its own elevator sounds a bit fancy, lol.

I do think they should have some 50 story centerpiece tower though. :D

[DowntownBoy]

The towers look nice in the picture. Each townhome getting its own elevator sounds a bit fancy, lol.

I do think they should have some 50 story centerpiece tower though. :D

Well... you gotta get something for the million+ price tag!

Bellevue has a height limit of 450ft... you would have to have 9ft floor to floor heights... I guess a hotel could do that or maybe a condo tower... but it sure wouldn't feel very spacious.

Maybe with all of these taller towers being proposed/built, the city council will raise the height limits or take them off completely.

[bgwah]

Pff, I meant, after Bellevue gets rid of its height limit.

Actually, Bellevue needs a building taller than anything in Vancouver or Portland. :laugh:

[DowntownBoy]

That WOULD be funny... That would only be 550ft.... hey, there's your 50 story building!

[mhays]

You'll never see 9' floor-to-floor heights except for parking garages.

I'd be surprised if Bellevue raises its height limits in this decade. You don't hear anyone outside this board clamoring for it.

[destroybananas]

^I thought some of the new ones did.

[horatio_the_hermit]

Those are some snazzy vancouvery looking buildings there. The low height limit is a tad aggrivating but it should leave given time. Do you know the height on those third phase 30 story buildings.

[destroybananas]

^I agree. There is no reason why Bellevue's height limit should not be raised.

[SeattleHusky82]

www.WashingtonSquareLiving.com

[destroybananas]

^ugh, I hate it that they don't have more renderings on the website!

[bgwah]

^Yeah. It's just another crappy flash website with stupid "urban music" and some hip white people.

[horatio_the_hermit]

there is absolutely nothing on that site. No pics or info. The flash isnt even as good as one lincoln towers site.

[mhays]

Many of the websites are by the same marketing company. Maybe they don't realize how repetitive they look, especially since the same condo buyers might be looking at all of them at once.

[destroybananas]

^why would they not have renderings? Isn't that an important component when it comes to selling a condo?

[horatio_the_hermit]

So about this bellevue thing. What happened to all these construction announcements/commencements. No bellevue news in a fortnight.

[destroybananas]

^ sorry but huh?

[horatio_the_hermit]

nothing has happened in bellevue for a while. It makes me sad to see nothing new in a week and a half.

[horatio_the_hermit]

For a 1.2 billion dollar project, shouldnt the website be 3x better than that of 2200 in seattle. www.live2200.com is a real site. Wasatch had better take note. also, the ashwood commons site has been up for a while, its kind of weak but at least it has renderings and updates. www.989elements.com.

[James Bond Agent 007]

^
Maybe they just haven't finished the website yet.

[urbanlife]

alot of times I stay away from the official websites because I can find more information elsewhere.