A San Francisco-based development company has purchased a controlling share in the Elev8 development in downtown Bellevue, which is seeking to build four towers in the city’s core.
Nyhus Communications, which represents the project, said Stanford Hotels purchased the stake from Plus Investments, Inc. The Daily Journal of Commerce reported the stake was sold for $128 million and that Plus Investments had spent $76 million acquiring 4.6 acres in downtown Bellevue in 2014 and 2015.
The Elev8 project will be built in two phases. The first phase has been approved by the city of Bellevue and construction permit reviews are underway.
Phase 1 would include two residential towers, one low-rise building and six levels of underground parking, city documents show. They will be located at the intersection of Northeast 8th Street and 110th Avenue Northeast. The two towers were approved for a 450-foot buildout each, with two stories of retail podiums. It will provide the city with 350 condo units and 423 apartments and more than 1,450 parking stalls, according to Polaris Pacific.
Bellevue upzoned portions of its downtown core last year, allowing for a maximum height of 600 feet for skyscrapers. Nyhus Communications said Stanford Hotels is “evaluating all options” for the development, leaving room for a potential increase in height. The 200,000 square-foot site could house more than 2 million square feet of residential and commercial space.
Phase 2 would include one residential tower and one office tower along with eight levels of underground parking. It will be built on the site that currently houses Yuen Lui photography studio and a former church along with two office buildings. These buildings would be demolished.
The church building formerly housed the First Congregational Church, which has since moved to another location.
While no permits have been submitted for the second phase of development, these towers could see proposed height increases from the currently projected 450-foot residential tower and a 300-foot office tower.
In total, the Elev8 project could include 1,375 housing units, 456,000 square feet of office space, 147,000 square feet of shopping and a 20,000 square feet grocery store.
The site is located near the planned Sound Transit light link rail station, which is scheduled to open in 2021.
No groundbreaking dates have yet been proposed by the developers.