August 27, 2024

641 Redmond units planned for Microsoft site at station

Photo via CBRE [enlarge]

Looking east, the red and black Building 22 is east of the bike/ped bridge and station, mostly obscured by trees.

Light-rail trains are now stopping at Overlake Village Station, next to a surplus office building that Microsoft has been planning to sell for well over a year now. The station and Building 22 are both on the east side of state Route 520, with a bike/ped bridge connecting across the freeway to Microsoft's West Campus.

The DJC first reported on Microsoft's requested zoning change — to allow for multifamily use — for its Building 22 property, at 3050 152nd Ave. N.E., early last year. CBRE put it on the market this past spring, as was also then reported. The listing status for Building 22 is now described as being under contract.

Earlier this month, American Capital Group of Bellevue filed a two-phase 641-unit apartment plan for the property, which spans about 5.3 acres. The vacant and over four-decade-old office building would first be demolished.

Then, acting as its own architect, ACG is proposing three eight-story buildings. Phase I would comprise what the developer calls the east and west buildings, with an initial 323 units and underground parking.

Phase II would add another 318 units in a single building, likely to the south, closest to the station. A certain amount of retail is planned for that and the west building.

Total parking isn't yet enumerated for those underground levels. Construction is to be Type III-A wood over Type I-A concrete. The project hasn't yet entered formal design review, but is now being evaluated by the city of Redmond's technical committee at its department of planning.

There's no set asking price for Building 22, and no stated deadline for offers. The individual brokers at CBRE are Tom Pehl, Kyle Yamamoto, Charles Safley, Jeff Hodson, Jeff Jochums, Mark Washington and Eli Hanacek. CBRE can also help with an acquisition loan as needed.

ACG is meanwhile planning other multifamily projects for the Greenbaum Home Furnishings property in Bellevue, and for a large site it owns in Totem Lake.

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• Microsoft to shed offices right next to light rail station  03-07-2024