Growth continues to emerge as a key factor in the Bellevue real estate market, as Jessica Melin describes in her article, “On the Rise: Condo Comeback – A New Development Cycle Begins in Gateway Cities.” Found in The Collection Magazine, Melin says, “Plus Investment’s Mixed-Use, High-Rise Development in Downtown Bellevue,” is coming soon and that, “the developer, an affiliate of Plus Investments Inc., will fund the project in part with foreign capital and hopes to introduce a new international class of development comprising flagship retail, a full service hotel, luxury apartments and sky-high condominiums.”
“‘At the peak in 2008 downtown Seattle had eighteen projects under construction representing more than 2,500 new condominium units,’ said Dean Jones, Principal of Seattle-based Realogics Sotheby’s International Realty. ‘Today less than 1-percent of that developer-owned inventory remains available and we’re in need of new product. The story is the same in many top tier cities throughout the U.S.,'” Bellevue included.
Marc Stiles from the Puget Sound Business Journal also wrote about the project, saying “Plus Investment USA plans to apply to the city of Bellevue for the master use permit within 90 days,” for the “pair of 43-story residential towers [that] will rise at the corner of Northeast Eighth Street and 108th Avenue Northeast in downtown Bellevue.” Stiles also reported that Kemper Development began their $1.2 billion Bellevue Collection Expansion, which “will include a total of four towers on top of two retail podiums on both sides of Bellevue way. The project, which is scheduled for completion in 2016, will add 2 million square feet of office space, apartments and retail.”