Polygon Northwest is moving forward with their new Bellevue residential development, Crossroads Village. The developer recently received an approval from the Development Services Department to demo the grocery store and parking lot that sit on the property presently and has applied for a clearing and grading permit, which is currently under review.
Bellevue-based Polygon Northwest has built nearly 16,000 homes in the Seattle and Portland areas since 1991. It was acquired in 2014 by Newport Beach, CA -based William Lyon Homes, a well-established developer in California, Nevada and Arizona. Polygon Northwest was not available for comment.
Located at 15751 N.E. 15th Street, the proposed development will offer 176 units, with 15,680 square feet of non-residential, amenity and commercial space, for a total of 350,000 square feet. The 7.75-acre site is significant in part because it borders Crossroads Bellevue Mall to the south and Crossroads Park to the east, two large markers of Northeast Bellevue.
The Development Agreement for the project includes a number of design guidelines that Crossroads Village must comply with, including a pedestrian park connection, a landscaped interface with Crossroads Park, developing NE 15th Street as a park, and an urban trail connection to the project from Crossroads Mall that will include commercial uses at the street level. “The proposal is still in the early stages, so it will be a while before construction actually begins,” said Bobbie Pochman, Communications Advisor for the City.
According to a news release published recently by the Northwest Multiple Listing Service, home prices in King County hit new highs in February as buyers tried to outbid each other for the scarce inventory in much of Western Washington. The number of single family homes for sale is down nearly 30 percent from a year ago. “We’re in for another crazy spring real estate market,” predicts J. Lennox Scott, chairman and CEO of John L. Scott, Inc.
“Buyers who are looking for houses cannot start looking at the top of their affordability range, they should look 15 to 20 percent below their limit and be prepared to go over list price if they have any hope of success,” suggests Frank Wilson, immediate past chair of the Northwest MLS board.
Pending sales of condos has increased about 4.8 percent, despite shrinking inventory, according to the same report. The number of active listings dropped 36.6 percent from a year ago, resulting in only 1.4 months of supply. However, even though the current market poses challenges, brokers are remaining optimistic about the market’s strength.