Kemper Development Co. to Explore Sale of Its Bellevue Collection

The Eastside’s iconic and influential Bellevue Collection soon could have a new owner.

The Kemper Freeman family, which owns the property through the Kemper Development Co., announced today that it has begun exploring a potential sale. The family said it is in the early stages of the process and plans to select a broker soon.

The family did not disclose a specific reason for exploring a sale, and no asking price or potential buyer has been identified.

The retail powerhouse at the heart of downtown Bellevue — spanning Bellevue Square, Bellevue Place, and Lincoln Square North and South — will remain business as usual, with shoppers and visitors still able to enjoy its signature community events and programming, including Snowflake Lane, to continue through the end of the year.

“Kemper always believes that a great development is measured by more than square footage or revenue; it’s measured by the life it brings to a community,” said Jim Melby, CEO of Kemper Development Co., in a news release. “He wants Bellevue and the Eastside to be a wonderful place to live, work, and raise a family. He has created one of the country’s premier retail and mixed-use destinations — a place that has strengthened the surrounding community through millions of dollars in tax benefits for the city, thousands of jobs, and generous support for arts, health, education, and family causes throughout the region. We are proud of what this legacy represents for our community.”

That Freeman family business legacy spans more than eight decades, five of which Kemper Freeman, Jr. has led. Now 84 and retired as of last year, Freeman took what was once the open-air Bellevue Shopping Square and turned it into the thriving 51-acre, 5.5 million-square-foot retail destination that it is today. More than just a shopping center, the Bellevue Collection has turned into a downtown experience and is now home to three office towers, three hotels, luxury apartments, numerous restaurants and venues, as well as two movie theaters.

“The passion, vision and willingness to take calculated risks required to create and continually evolve one of the nation’s premier mixed-use projects is rare and carrying that legacy forward is a significant responsibility,” the release noted of Freeman’s reign over the privately held, family-operated business.