March 29, 2013 – Source
Goodman Real Estate is the latest developer with plans for a big apartment project in East Bellevue.
This summer, the Seattle-based company will start construction of a 450-unit project on the five-acre site at 2070 N.E. Bel-Red Road, Goodman President George Petrie said Friday. Angelo’s, a plant nursery, used to operate on the property.
In the last two weeks, two other Seattle developers have announced plans for the Eastside. To the north in Redmond, Capstone Partners is planning a mixed-use project that will have more than 1,400 residential units when it’s fully built out. And to the west in Bellevue, Security Properties plans to start building 316 apartments next year.
Petrie said his company has the competitive advantage because its project will “be first out of the ground by a long shot.”
Goodman still needs to obtain permits from the city of Bellevue, city Urban Design Manager Liz Stead said. In addition, Goodman must finish acquisition of the property, which it has under contract. Petrie expects the land sale to be finalized in June and said workers will break ground then.
Goodman’s project will be near the planned Overlake Village Station light rail stop next to State Route 520. This will make it an urban development in a suburban setting.
Despite the nearby transit station, Goodman plans to include 600 parking stalls in the project. Petrie said market surveys show that renters in Bellevue want plenty of parking. “In Bellevue, you’d be amazed how people have two parking stalls,” he said.
Goodman is building studio, one- and two-bedroom units. Of the total, 100 will be set aside for people who make 80 percent of the region’s median income, which is $61,600 for a household of one and $88,000 for a family of four. The rest of the apartments will be market-rate units, Petrie said.
Goodman is capitalizing on the site’s location on a hill. “It’s actually quite shocking the view you get from there,” Petrie said. The views are of the Bellevue and Seattle skylines and the Olympic Mountains.
Petrie declined to reveal the total cost of the development. Goodman’s equity partner is the Carlyle Group, a publicly traded company that is based in Washington, D.C. Construction financing has not been finalized, Petrie said.
Goodman affiliate Venture Construction is the general contractor.