Bellevue is set to get its newest condo tower as Vancouver-based Bosa Development plans to break ground on a new 21-story, luxury condo project early this year. Situated next to Downtown Park at Bellevue Way NE and NE 2nd St., One88 will go down as Bellevue’s first condominium since the completion of One Main Street Condos in 2010. Vancouver-based Amanat Architect has been named the architect on the project and Hirsch Bender Associates’ San Francisco office is designing One88’s interior.
The 21-story structure will have 143 units, include two levels of below-grade parking with about 292 stalls and offer retail space. The 230-foot glass tower will provide 20,800-square-feet of commercial space on the street level and the residential component of the tower will be roughly 255,550-square-feet. According to Amanat Architect, each residential floor will have 10’ floor-to-floor heights, and the penthouse units are proposed to be 15’ high. The high-rise will also offer views of Lake Washington and surrounding mountains and greenery.
In a press release, Bemi Jauhal, director of sales and marketing for Bosa said, “With Bellevue experiencing such tremendous growth and the lack of new urban condominium options, One88 will bring an entirely new luxury real estate offering to the downtown area.”
Prospective owners can expect housing options ranging from one, two and three-bedrooms to penthouse units. While prices for the units have not been released, it can be expected the units won’t be the city’s most affordable.
In Bellevue, the average sold price per square footage for condos is appreciating, according to a Windermere Real Estate report. Last December, the average sold price per square foot reached $437, which is higher than in the previous 14 months.
Zillow reports the median home value in Bellevue is $744,800, which is up 13.3 percent over the past year. The report also lists the median list price per square foot in Bellevue at $383, which is higher than Seattle Metro’s $211 average.
Aside from this project, Bosa recently completed Insignia Towers, a 41-story condominium complex in downtown Seattle, which now has fewer than 10 of it’s nearly 700 residences remaining. Bosa also paid $35 million last fall for a development at 10605 NE 8th St. in Bellevue.
One88 is expected to open early 2019.