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Chinese aeronautics company buys property near Spring District | Supernova Aeronautic Technology planning affordable housing development
Chinese investor Supernova Aeronautic Technology LLC closed on a $5.25 million purchase of an office complex Monday across from the burgeoning Spring District, which is planned to retain office space and include the addition of 50 units of affordable housing on 124th Avenue Northeast.
Mediary Tim Lee of the Bellevue Chinese Chamber of Commerce said Supernova sees a need for affordable housing to complement the anticipated increase in employment the Spring District over the next 20 years. This will be the first of many investments Supernova anticipates making in Bellevue, he said, and will include another $8 million in renovations.
Plans for the office building, which was purchased from Billy-Joe Park LLC at 1000 124th Ave. N.E., includes increasing the building height to about 45 feet and expanding the property to include affordable housing and additional office space, Lee said. Housing units will be a mix of one- and two-bedroom apartments.
Bellevue Councilmember Conrad Lee, who last year as mayor joined Washington Gov. Jay Inslee on a trip to China to promote building a stronger economic relationship between the state and country, said Wednesday he supports the increase in Asian and other global investors in Bellevue, as long as the projects support the city's economic development strategy.
"Right now the time is right, because there's a lot of Chinese money, a lot of Chinese desire," Conrad Lee said. "… Chinese money is coming anyway. It's coming all over the country."
Tim Lee said Supernova Aeronautic Technology, a registered Washington LLC, may also consider expanding its aerospace interests into Bellevue.