Vulcan Inc. announced today that it has acquired a fully entitled 1.4-acre development site at 1600 132nd Ave NE, near the future location of the Bel-Red/130th Light Rail Station.
Purchased from Summerhill Apartment Communities, Vulcan Real Estate plans to develop the site into a multifamily community to accommodate the Eastside’s growing population. This is Vulcan’s first property acquisition in Bellevue outside of the central business district.
The sale was recorded on July 23, 2021 for $17,915,000. Vulcan will receive the property with permits for an eight-story building with 249 residential units. Construction could start as early as Fall this year, with completion projected in the last quarter of 2023.
Located immediately east, across 132nd Avenue NE from the Bel-Red/130th Station light rail station, which is projected to open mid-2023, future residents 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.
“With 10 million square feet of office space slated for delivery on the Eastside by 2025, much of which is pre-leased, we anticipate the creation of over 50,000 new jobs, driving strong apartment rental demand and rent growth in the years ahead.” said Ada M. Healey, chief real estate officer for Vulcan Inc.
Vulcan is in the process of developing 2 million square feet of office space in Bellevue’s central business district at 555 Tower and West Main, both of which have been leased to Amazon and are scheduled for completion in 2023. The company also is under way with a 350,000 square foot build-to-suit office building for Google in Seattle’s South Lake Union neighborhood.