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Alley 111 clear for construction
An official groundbreaking for the Alley 111 will take place the first week of November, but Swedish-based development company Skanska already has secured the permits required to begin construction of the 12-story tower building at 11011 N.E. Ninth St., in Bellevue.
The building will offer 260 residential units and 188,000 square feet of rentable space, including a 6,200-square-foot ground floor being touted as an "activated ground floor experience" and 247 spaces of underground parking.
"What we did in the project was really focus on how we create a human experience on the ground floor," said Lisa Picard, Skanska's regional manager of development. There will be indoor space and spillage into outdoor space, and prospective retailers will be selected based on how they complement each other. "One will attract more clientele for the other. Sometimes we use the term, 'curator retail,' like you curate a museum. One has to kind of attract the other."
Alley 111 is an investment jointly acquired by Skanska USA Commercial and Deutsche Asset and Wealth Management, which closed on the development project on Tuesday. Construction will begin later this month with residential units slated to be made available for pre-lease in early 2015.
"We are delighted to be teaming up with Skanska on Alley 111,” said Todd Henderson, head of real estate at Americas for Deutsche Asset and Wealth Management in a statement. “We believe our partnership in the dynamic Bellevue market will help us deliver the risk-adjusted returns we seek to provide for our client base. We are looking forward to combining our development and asset management experience to deliver an exciting, well-designed project for the Bellevue community.”