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December 23, 2021

SRM nabs stalled Bellevue project for over $32M, will flip it to affordable housing

By BRIAN MILLER
Real Estate Editor

Image from Puget Sound Hospitality [enlarge]
Looking northeast, the apartment building (left) is closer to the wetlands, with the once-planned hotel on 118th, closer to the freeway.

A stalled, half-built hotel and apartment project at 991 118th Ave. S.E. in Bellevue has sold for $32.5 million, according to King County records. The seller was NBK LLC, associated with the Pong family’s Puget Sound Hospitality, which assembled the 4.5-acre property in 2013 — 2015 for about $6.2 million.


 
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