Photo: Curt Smith/Flickr
Microsoft co-founder Paul Allen’s Vulcan Real Estate company recently bought three lots in Bellevue on the same block as the Bellevue Connection (the shopping center formerly known as the Bellevue Galleria). What kind of properties will be developed at these locations is yet to be determined. The land is zoned for high-rise construction, but no plans have been filed with the City of Bellevue. All that is certain is that Bellevue hot spots Gene Juarez and LA Fitness may soon have new neighbors.
The first two parcels are located at 435-437 108th Avenue NE and went to Vulcan for over $24 million. Another parcel on the same block between Northeast Sixth and the building that houses Oodles Noodle Bar sold for $26 million, according to public documents filed with the county as reported by The Registry. Vulcan LLCs have now spent $50 million to acquire over two acres along 108th.
In May of last year, Vulcan paid $45.35 million for all 60,000 square feet of Bellevue Plaza.“Bellevue is a major economic driver in the region, and is home to a growing number of residents and companies,” Ada Healey, vice president of real estate at Vulcan, said in a statement reported by the Seattle Times. “Our purchase of Bellevue Plaza aligns with our focus on expanding our Pacific Northwest portfolio with value-add investments and urban infill projects.”
Since Allen and Vulcan Real Estate bought up 60 acres of South Lake Union about a decade ago, the neighborhood has been completely transformed from streets lined with empty parking lots, industrial warehouses and shuttered workshops into streets lined with towering glass condominiums and fancy restaurants. For better or worse, the neighborhood will never be the same. Is Bellevue next?