December 17, 2015

Fana Group buys site in Bellevue for 2 towers with hotel, housing

Image courtesy of Fana Group [enlarge]

The Fana Group of Companies said it has closed on a deal to buy a major redevelopment site in downtown Bellevue.

The properties are at 320 and 350 106th Ave. N.E., and are currently home to a pair of low-rise commercial buildings that house several tenants.

Public records show the current property owner is RTL Holdings LLC.

Fana has filed plans with the city for two towers — one 27 stories, one 22 stories — that will share a podium. The project is called Four 106, and would have 275 residential units, an upscale hotel with 120 rooms, and 329 underground parking spaces.

“We are excited about the project, the location is tremendous and this hospitality offering is something that doesn't exist in downtown Bellevue, a true luxury full-service boutique hotel,” said John Powers, Fana's president of real estate, in a statement.

No hotel operator has been named.

Fana said Four 106 can be built in two phases or all at once, “giving the developer flexibility to respond to market conditions when it begins construction, which could be as soon as next fall.”

CallisonRTKL is the architect and DCI Engineers is the structural engineer. Schwartz Co. is the project manager.

The target date for completion is spring of 2018.

Fana's filing with the city said future phases could include an office building up to 27 stories and a residential building up to 13 stories.

The Fana Group of Companies is a real estate investment and development company owned by Firoz Lalji, founder of Kits Cameras and the current CEO of Zones Inc. in Auburn.