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January 17, 2019

Esterra Park apartments open in May

Lincoln Property Co. of Dallas is one of the developers busy at Esterra Park, the new 28-acre Redmond neighborhood near Overlake Village Station, where light rail service will begin in 2023. It's also quite close to Microsoft headquarters. Two years ago, Lincoln paid $33 million for two blocks where it's building the phased, four-building, 664-unit Parkside. Clark Barnes is the architect, and Venture General Contracting is the builder. The first phase will open in May. Nationally, Lincoln has over 190,000 units in its portfolio. It recently acquired South Seattle Business Park in Georgetown for $17.5 million, and an office building at 501 Eastlake Ave. E. for almost $59 million. Esterra Park, formerly the old Group Health campus, is a venture of Capstone Partners and Lionstone Investments. That venture has sold off some blocks, and developed others. The housing total could reach 2,600 units. A 181-room Starwood hotel has opened, and at least one office building is still planned.

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