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June 10, 2015

Spring District apartments starting

Image courtesy of GGLO [enlarge]
Security Properties is planning five buildings with 309 units. This is the largest: a 100-unit structure due to open in 2017.

Security Properties broke ground this week on its first two apartment buildings in the 36-acre Spring District in Bellevue.

They will have a total of 79 units, and should open late next year or in early 2017.

Security Properties is planning five buildings in all, with a total of 309 units and 305 parking spaces.

They will range from three to nine stories and be built in phases, with units opening over about two years. This image shows the largest building: a nine-story, 100-unit structure due to open in mid 2017.

The developer calls the five-building complex Sparc, and says it will be the spark that sets off the Spring District. Sparc is also the name of an early microprocessor made by Sun Microsystems in the 1980s.

Sparc will have about 14,000 square feet of retail. The space has been leased, Security Properties said, but it did not name the tenant.

Security Properties has an option to buy an 84,000-square-foot parcel in the Spring District east of Sparc where it could build another 250 units.

Sparc will occupy about half of Security Properties' land and the rest will be open space.

Construction also is underway on a two-acre park in the district.

John Marasco of Security Properties said in a press release, “While the architecture is edgy and urban, spectacular mountain and lake views and significant open spaces will help people build community and enjoy the outdoors.”

Amenities in Sparc will include a gym; rooftop lounge with a demonstration kitchen, outdoor deck and putting green; a WiFi cafe for residents; and a bike club and repair center.

There will be a hillclimb linking the apartments to the intersection of 120th Avenue Northeast and Northeast 12th Street. Stairways will have several plazas leading to the main public plaza and the apartments. A bike runnel on one side of the stairway will allow people to push bikes up the steps. The other side of the steps will have stormwater filtration.

USAA Real Estate Co. is Security Properties' equity partner. This project is Security Properties' first with USAA and its first on the Eastside.

The team is the same for all five buildings. GGLO is the architect, and Walsh Construction Co. is the general contractor. Other members are Triad Associates, Bumgardner, Cary Kopczynski & Co., Madrona Ridge Residential and Urban Relations.

Wright Runstad & Co. and Shorenstein Properties are developing the Spring District. The $2.3 billion neighborhood will be built around a future Sound Transit light rail station and could have up to 5.3 million square feet of offices, retail, housing and parks.


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