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Bellevue approves Wilburton land use code changes, rezone | Property owner still planning redevelopment at site abandoned by Target
While Target has abandoned plans for a new retail store in the Wilburton subarea, an interest in moving forward with redevelopment by the property owner prompted the Bellevue City Council to approve a land use code amendment and rezone on Monday.
The council spent months negotiating with Target and property owner KG Investment Management to acquire a portion of the Best Buy and Home Depot parking lot to complete the city's Northeast Fourth Street extension.
One caveat of a settlement agreement with the city was to approve a land use code amendment and rezone of the property where Target planned to construct a three-story retail facility at 116th Avenue Northeast and Northeast Fourth.
Deputy City Attorney Kate Berens told the council Monday that KG Investment is still interested in developing the site following Target's decision to opt out of construction.
Mayor Claudia Balducci said the council's approval of the rezone and changing the land use code to allow for larger structures in the Wilburton subarea was simply following through with what had already been planned to occur once the Fourth Street extension was completed.
The Fourth Street extension from 116th to 120th Avenue Northeast is ongoing. Staff reports KG Investment has not identified a prospective new lessee of its adjacent property.