Construction on a new 11-story office building has begun in Bellevue’s Spring District after $107.5 million in construction financing was secured for the Block 16 development.
The move was announced on May 22 by Wright Runstad and Company, Shorenstein Properties and J.P. Morgan Asset Management in a press release announcing a joint venture partnership for the Block 16 project.
Block 16 will offer the Spring District 316,000 square feet of office space in addition to 13,000 square feet of retail space. The building will be near the Eastside Rail Corridor and will contain 1,000 parking stalls. According to the press release, The Broderick Group, which is brokering office space, is talking with several potential tenants. It is scheduled to open January 2020.
The development marks another milestone in a quickly growing area of Bellevue that will have roughly 800 apartments by 2019 and a light rail station by 2023. Another development called Block 24 will be open in early 2021 with nine floors and more than 166,600 square feet of office space. A third development called GIX is already open and offers nearly 1,800 square feet of retail.
The Spring District is a 36-acre development undertaken by the developer Wright-Runstad with the intention of being mixed use and transit oriented, meaning it will host a blend of residential, office and retail near transit options. The outdoors sporting goods company REI signed a letter of agreement in 2016 to move its headquarters from Kent to the district by 2020.
In addition to office and retail space, a three-story brewpub is in the works and expected to open in 2020. It will house roughly 9,000 square feet of brewery and restaurant space with a beer garden and 14,000 square feet of office space.
Apartments are being built as well, with the Sparc coming online in 2017 with 309 units. The Arras apartments will add another 309 units and will open this year. Finally, ALMI Residential Properties is building 204 apartment units in a complex which will open in late 2019.