August 1, 2014

Security Properties buys land for 309 apartments in Spring District

Images courtesy GGLO [enlarge]

Wright Runstad & Co. will build a two-acre park near Security Properties’ apartments.

[enlarge]

A pedestrian courtyard will weave through the five apartment buildings.

An entity related to Security Properties bought land from Wright Runstad & Co. for a five-building apartment complex, which will be the first project in the 36-acre Spring District in Bellevue.

Property records show Security Properties paid $10.7 million for the land.

The buildings will range from three to nine stories and have a total of 309 units.

Michael Nanney, director of multifamily development for Security Properties, said the goal is to start construction by the end of the year. Security Properties is seeking building permits from the city.

Construction of the five structures will start at the same time, but they open separately, Nanney said. They will share an underground parking garage.

The location is on the southwest corner of the Spring District — along Northeast 12th Street between 120th and 124th avenues northeast. Nanney said being on a corner will allow the apartments to function as a standalone complex until the rest of the Spring District is built.

A landscaped staircase at the corner of Northeast 12th Street and 120th Avenue Northeast will serve as a pedestrian entrance to the Spring District. “We are going to have a signature project that I think is going to help put the Spring District on the map,” Nanney said.

GGLO is the architect and Walsh Construction Co. is the general contractor. Other team members are Triad Associates, Bumgardner and Cary Kopczynski & Co.

The apartments will sit about 30 feet above street level, giving every unit a view, Nanney said.

Open space will be a big feature for the apartments. Wright Runstad will build a two-acre park across the street. A Sound Transit East Link light rail station will be on the north end of the park.

Nanney said the buildings will occupy about 60,000 of the 110,000 square feet of land Security Properties bought. That leaves 50,000 feet for open space.

Ground-floor units will be offered as live-work spaces, but could be quickly converted to retail later, Nanney said, “as soon as the vibrant walkable streetscape of the Spring District comes to life.”

Security Properties has an option to develop another 225 units on an adjacent parcel.

Greg Johnson of Wright Runstad told the DJC last year he chose Security Properties to do the apartments because he likes its unique designs.

Wright Runstad and Shorenstein Properties are developing the Spring District. The $2.3 billion project will have 5.3 million square feet of offices, retail, housing and parks when it is done.

Wright Runstad's first phase will be two office buildings totaling 491,120 square feet. NBBJ is designing the office buildings, and Howard S. Wright Cos. is the general contractor.

Jeff Watson, Grant Yerke and Matt Schreck of Broderick Group are listed as brokers for the office buildings.