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January 11, 2021

Zoning tweak could clear path to new Lake Bellevue units

Real Estate Editor

Photo by Andover Co./Avison Young [enlarge]
Looking southwest, if approved, a new apartment building would rise behind the ACG building. The light rail line will run just west (right) of the lake.

Two years ago, American Capital Group paid about $16.3 million for a small waterfront office building 15 Lake Bellevue Drive, which it then made its headquarters. The price seemed high at the time. That two-story structure, on pilings above the lake, isn't likely to change. However, ACG recently filed plans to upzone its 2.8-acre property, most of it now parking, and hopes to build a new 15-story apartment building.

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