The Fana Group of Companies has closed on two properties in downtown Bellevue and could begin work on proposed mixed use high rise projects in 2016.
The Fana Group paid $21.5 million for the properties located at the southeast corner of Northeast 4th Street and 106th Avenue Northeast. Those properties currently house low rise buildings with several tenants, including Blueprint Consulting Services and Bellevue Chiropractic.
The project seeks to build a two towered project with 120 hotel rooms, 275 apartments and 329 parking spaces. It will be constructed at 320 and 350 106th Avenue Northeast in Downtown Bellevue. A hotel and retail space for lease on the bottom floors along with possible office space are part of the plans.
John Powers, president of real estate for the Fana Group, said the project would bring a new service to town.
“We are excited about the project, the location is tremendous and this hospitality offering is something that doesn’t exist in downtown Bellevue, a true luxury full-service boutique hotel”, he said. “The residential units will be very desirable with amenities and services offered through the hotel.”
The high rise buildings are phase one of a multi-phase project. A later phase includes the destruction of the downtown Key Bank building, which Fana purchased in 2014 for $13.5 million.