Six years after being announced, a project that will transform a Bellevue warehouse/grocery distribution district into what developers call “a new kind of neighborhood” has broken ground, according to Northwest Reporter.
Called The Spring District, the 36-acre transit-oriented neighborhood in the Bell-Red corridor linking high-rise downtown Bellevue with high-tech Overlake, will encompass “urban style housing,” plus offices, retailers, restaurants, parks, and a hotel, all built with a “focus on sustainability” and mobility choices, which will include nearby light rail.
Greg Johnson, president of Wright Runstad & Company, outlined the plans and timetable for the $2.3 billion project during a meeting of the Bellevue Chamber of Commerce. His Seattle-based company is partnering with San Francisco-based Shorenstein Realty Investors Eight on the joint venture.
Groundbreaking and demolition of a long-vacant warehouse started in mid-September, with initial occupancy in Phase One targeted for 2015, according to Northwest Reporter. A neighborhood marketing center is scheduled to open in 2014. The master plan anticipates a 15-year timeline for completion, with nearly 5.3 million square feet of buildings spread over 16 city blocks.