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January 29, 2016

California firm plans 21-story apartment tower in Bellevue

By JOURNAL STAFF

Courtesy NBBJ [enlarge]

An entity related to KBS Realty Advisors of Newport Beach, California, wants to build a 21-story apartment tower called Plaza Center Residences on the same downtown Bellevue block where it owns two office buildings.

Plans filed with the city of Bellevue call for 260 apartments above 3,500 square feet of retail space at 10850 N.E. Eighth St.

The site is in between The Plaza Buildings, two office towers totaling 490,994 square feet that KBS bought in early 2014 for $186 million. The purchase included a parking lot between the buildings. Permit records for the project indicate that no structures will be demolished and the parking lot will remain.

NBBJ is listed as the architect.

An application for design review was filed in December. A public meeting is set for 6 p.m. Feb. 11 at Bellevue City Hall, 450 110th Ave. N.E.

Construction timing will depend on market conditions, financing and entitlements, according to permit documents.

Representatives from KBS and the city did not return phone calls requesting comment.

According to its website, 85 percent of KBS' property portfolio is office space. Multifamily is the second largest property type, at about 6 percent.

KBS owns two other office complexes in Bellevue, the Central Building in downtown Seattle, and office properties in Bothell and Woodinville.




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