April 23, 2015

24 luxury townhouses planned for site near Factoria in Bellevue

Image courtesy of Windward Real Estate Services [enlarge]

The project called Factoria is on a hillside east of the Factoria mall.

The Resmark Cos. will team up with Windward Real Estate Services to build 24-unit luxury townhouses in South Bellevue.

The area is in high demand but there are few new homes are being built there, said Michael Zarola, a Resmark executive, in a statement.

The project is called Factoria and the site is at Southeast 40th Lane and 129th Place Southeast, on a hillside east of the Factoria mall.

Groundbreaking is scheduled for late this year, and the first closings are expected in spring 2016.

Medici Architects is the designer and Wachtler Marshall is the builder. Pace Engineering is responsible for engineering and landscape.

There will be six duplex lots and four triplex lots, each with 12 townhouse units ranging from 1,800 to 2,900 square feet.

All the units will be three bedrooms and three baths. Some will have an additional single bathroom or two half-bathrooms. Each unit will also have an attached two-car garage.

Asking prices were not disclosed.

WRES President Jim Toste said in a statement that the project should attract a diverse group of buyers, including young professionals, married couples and affluent families.

Factoria is the second joint venture between Los Angeles-based Resmark and WRES of Kirkland. The two companies were partners in the development of 401 State Street, with 27 single-family attached homes in Kirkland.

This is Resmark's sixth investment in for-sale housing in the Seattle market.

The Factoria mall was renamed Marketplace at Factoria after Kimco Realty Corp. of New Hyde Park, New York, acquired it in 2004. Kimco planned to redevelop the mall into a lifestyle center and add up to 685 units of multifamily housing, but scaled back those plans after the 2008 recession.

The company says it has since spent $35 million renovating the property, including exterior upgrades, new landscaping, retail reconfigurations and interior improvements.