Ground has been broken on a 1.4-acre housing development site at 13238 NE Spring Blvd. Bellevue, WA, near the future location of the BelRed/130th Light Rail Station.
The project, called Ondina, will contain 249 rental apartment homes aimed at accommodating the Eastside’s growing population. This is Seattle-based Vulcan Real Estate’s first multi-family development project in Bellevue.
Meaning “little wave” in Latin, Ondina’s design concept is based on “Blue Mind Theory” – a scientifically supported theory that shows how being near water or images and materials that evoke waterscapes can make you happier, healthier, and more connected. According to Vulcan, the water theme will be visible throughout the project, from the addition of an exterior water feature at Ondina’s entry, to finishes throughout the common areas and individual apartment homes.
“We are looking forward to entering the Bellevue multi-family market,” said Ada M. Healey, chief real estate officer for Vulcan via written statement. “The BelRed Corridor offers an exciting opportunity for sustainable, transit-oriented development and Bellevue is poised to add 50,000 jobs, driving strong demand for apartments and rent growth in the years ahead.”
Vulcan plans to participate in Bellevue’s Multi-family Tax Exemption program at Ondina, where 20 percent of the units will be rent and income restricted for households earning 80 percent of Area Media Income.
Scott Matthews, Vulcan’s senior director of acquisitions and residential development said the company expects housing demand in the area to “surge as workers return to offices and companies like Amazon and Facebook continue their Eastside growth trajectory.”
Located immediately east, across 132nd Avenue NE from the BelRed/130th Station light rail station, Ondina is projected to open in early 2024, shortly after the beginning of light rail service between Seattle and the Eastside. The project will be two stops from Amazon’s downtown Bellevue campus, one stop from Facebook’s Spring District campus and two stops from Microsoft’s Redmond campus.