By Meghan Hall
An office building near the heart of downtown Bellevue has traded hands as development in the area continues to ramp up. In a transaction that closed on March 26, Phoenix-based Alliance Residential purchased a property on Main Street for $35.5 million. The seller, according to public documents, was affiliated with BML Bellevue Corporation.
The asset is located at 11100 Main Street. A listing on Loopnet indicates the property totals 32,709 feet and sits on just over 1.3 acres. Public documents indicate that Alliance purchased the property via two transactions: the first at $17,679,605.50, and the second at $17,820,396.50. Both deals closed the same day and include land within the same parcel.
BML originally purchased the property several years ago for $18 million. The asset is currently home to Windermere Real Estate’s Bellevue West office.
Alliance has submitted plans to the City of Bellevue to redevelop the property. According to documents on file with the City, Alliance plans to build three buildings at 11100 Main as part of a complex called “Broadstone Bellevue Gateway.” The development would include a 22-story building plus two, seven-story buildings that would incorporate 345 residential units and 8,000 square feet of ground floor restaurant and retail space. 209 parking stalls would also be included.
The 22-story tower would be designated as an independent living community for seniors and house 155 units. The remaining buildings will have 190 multi-family units as well as a gym, lounge and roof deck. An outdoor plaza and pedestrian connection are also designated in the plans.
The project team, which also includes Encore Architects, received design approvals for the development several weeks ago. Alliance intends to break ground on the development this year, with completion scheduled for 2023. The project will be constructed in a single phase.
Just adjacent to the project, Alliance is nearing the end of construction on Holden, a mid-rise memory care and assisted living community. The development includes 136 units. At the end of 2020, the company was in the middle of executing a $1 billion senior housing pipeline. According to a statement from the company, Alliance has more than $20 billion worth of properties in its portfolio and has a presence in 36 major U.S. markets.