Home AEC Bosa Development Acquires 17,945 SQFT Lot in Downtown Bellevue for $11MM; Plans...

Bosa Development Acquires 17,945 SQFT Lot in Downtown Bellevue for $11MM; Plans to Develop 21-Story Condo Tower

Seattle, Bosa Development, Bellevue central business district, One88, Insignia, downtown Seattle, British Columbia, mixed-use
Rendering courtesy of Amanat Architect

By Jack Stubbs

Downtown Bellevue has seen no shortage of redevelopment opportunities in recent months, and on August 1st, Burnaby, British Columbia-based condo developer Bosa Development acquired a .4-acre lot in the Bellevue central business district, King County records show. Bosa has a 21-story development in the works at the site right across from its under-construction 143-unit One88 condo project, and acquired the parcel from JH Choi LLC, an entity affiliated with Paul and Joyce Choi based in Bellevue, who operated the old Sushi Maru restaurant on the site.

Colliers International Senior Vice President Mark C. Anderson represented the seller and procured the buyer in the transaction.

Bosa declined to comment on the property transaction.

However, according to a pre-development application filed with the city of Bellevue on July 26th, Bosa has plans for a 21-story tower in the works. The project, designed by Amanat Architect, will include 77 residential units, two levels of below-grade parking and 2,600 square feet of street-level retail space.

The nearly half-acre parcel located at 205 105th Ave. NE totals 17,945 square feet and contains a 4,480 square foot building constructed in 1967—home to now-closed Sushi Maru restaurant—as well as a surface parking lot, according to public documents.

The property occupies a prominent location in the downtown core of Bellevue and sits just one block from Bellevue downtown Park. The parcel is also less than half a mile from the Bellevue Square Shopping Center and roughly one mile west of the Meydenbauer Center and the Shops at Bravern.

The three-story, 313,119 square foot Shops at Bravern retail complex—which is adjacent to a 750,000 square foot office property 100 percent leased to Microsoft—was put on the market by HFF in mid-April 2018. The mixed-use retail village, developer in 2009, encompasses approximately 40 luxury and entertainment retail stores and also includes 455 residential units and 750,000 square feet of Class A office space.

Originally founded in 1986, Bosa Development is a condo developer that operates across Canada and the Western U.S., according to the company’s web site. The company has a history of working in Washington dating back to the 1970s, and Bosa’s 41-story Insignia condo development in downtown Seattle was the first high-rise condo development in Seattle in nearly a decade.

Bosa has been active throughout the region in recent months as well. On March 8th, the developer announced that more than 100 residences in the 143-unit One88 condo project—right across the street from the recently-acquired lot—in downtown Bellevue had sold during a private-sale period. Residents of the 21-story tower will enjoy access to 25,000 square feet of world-class amenities including a two-story lobby lounge, outdoor terraces on the third and fifth floors, indoor heated saline pool and spa, fitness center and children’s playroom.

Bosa also has a project in the works in downtown Seattle. On January 2nd, a mixed-use, 520-unit tower—designed by architect James K.M. Cheng Architects and landscape architect PFS Studio—was approved at an Early Design Guidance meeting. Located at 601 4th Ave., the 61-story development will include 640 below-ground parking stalls, as well as approximately 9,963 square feet of street-level retail.