January 16, 2024

506 Bellevue units gain more detail

Rendering by Weber Thompson [enlarge]

Looking roughly south, 10th is in the foreground.

In downtown Bellevue, there's a prospective buyer and developer for part of the Pacific Regent retirement community. The latter won't be affected by the anticipated sale of about 1.3 acres at and around 919 109th Ave. N.E. Surface parking and few old structures would be removed for the new development.

Berkadia is the broker, and Weber Thompson is designing two apartment buildings with 506 units for Crescent Capital Partners of Los Angeles, aka Crest Holdings.

The project, which emerged in late 2022, isn't yet in design review. The city of Bellevue recently accepted the Crest master development plan, and says that a SEPA determination of non-significance is expected. The public comment period ends Jan. 25. A public presentation of the plan should follow later this year.

On the south side of 10th Avenue Northeast, facing Bellevue Library, the Phase I west building would have eight stories. The plan is to begin construction there in March of 2025, with completion in two-plus years.

The 22-story east tower, Phase II, might then begin in late 2027, with completion over two years later. That would also have some amount of retail/commercial space.

Weber Thompson rates the pair at about 562,000 square feet above grade. Underground parking, with three to four levels, would have some 456 stalls. A private drive would separate the two buildings, and connect with 109th.

The unit mix isn't yet specified. Terraces are indicated for both buildings.

The Crest team now also includes TenW, traffic engineer; and KPFF, civil engineer. Update: Exxel Pacific now says it’s consulting on the project, a likely clue as the future builder.

Before any future sale, a lot boundary adjustment will be necessary for several parcels. The corner site is bounded to the east by 109th, a de facto alley. The assemblage is about a 14-minute walk south to the future Bellevue Downtown Station; Bellevue Square is even closer.

Crescent and Crest remain rather opaque. Plans list an executive also associated with Toll Brothers City Living.