Vulcan Real Estate acquires 1.4 acres of Bellevue building plot

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Vulcan Real Estate recently announced that the company has acquired 1.4 acres of building land in the Bel Red Corridor in Bellevue. The Seattle-based company intends to build a condominium formerly owned by Summerhill Apartment Communities at the site to meet the growing demand for housing on the Eastside.

The sale will add 270,000 square feet of Eastside apartment buildings to the company’s resume. The eight-story residential complex, which is tentatively scheduled for completion in 2023, will include 249 residential units.

The site, which sold for $ 17.9 million, is Vulcan’s first Bellevue site outside the CBD. The hotel boasts an excellent location with prospective residents one stop from the Facebook Spring District campus, two stops from the Amazon Bellevue campus and two stops from the Microsoft campus in Redmond.

“We are very pleased with the expansion of the Bel-Red corridor,” Ada M. Healy, director of real estate at Vulcan Inc., said in a press release. “The opportunity for development is consistent with our values ​​and goals for sustainable development oriented towards transit.”

Vulcan is also in the process of building nearly 2 million square feet of office space in the Bellevue CBD at 555 Tower and West Main. Both, according to the release, were leased to Amazon and are due for completion in 2023.

“With 10 million square feet of office space slated for lease on the Eastside by 2025, most of which is leased, we expect to create more than 50,000 new jobs, which will drive strong rental demand and higher rents in the coming years. “Healy said.

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