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Bosa Development Spends $36MM to Acquire Park Row Shopping Center Property in Downtown Bellevue

By Jack Stubbs

Bellevue has seen no shortage of redevelopment opportunities in recent months, and on Wednesday, February 6th, British Columbia-based condo developer Bosa Development acquired the Park Row Shopping Center—a property totaling just over one acre—in the city’s Central Business District, King County records show. The seller, Park Row LLC, shares the same address in Bellevue as Radford and Co., a commercial real estate company that represents individuals, partnerships and corporations involved in different types of commercial real estate activities. 

Bosa Development did not respond to calls about its potential development plans for the property in time for the publishing of this story.

The subject property, located at 201 Bellevue Way NE at the corner of NE 2nd St. and Bellevue Way NE, is a parcel that totals 1.08 acres and is part of the Park Row Shopping Center, according to King County records. According to public documents, the property includes three retail stores built between 1955 and 1980 that total 17,757 square feet: the first is a 6,732 square foot retail store; the second is a 10,413 square foot retail store; and the third is another retail property that totals 612 square feet. 

It is not entirely clear which tenants current occupy the retail properties. According to Google Maps, some of the tenants in Park Row Shopping Center include Trendy Fox Boutique, Bellevue Museum Quality Framing and Jennifer’s Nails. 

According to a property listing written by Montlake Partners Commercial Real Estate, the location of Park Row Shopping Center—proximate to Bellevue Square and Lincoln Square—is one of the property’s main assets. “Potential retailers will profit from strong demographics, high traffic counts, professionally maintained frontage on Bellevue Way and an upscale image. Park Row is within walking distance to many downtown amenities, offering significant foot traffic as well.”

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 also currently a project on the way in downtown Seattle. In early 2018, 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.

In addition to the recently-acquired property, Bosa has been active throughout the Eastside city in recent months as well. In March 2018, the developer announced that more than 100 residences in the 143-unit One88 condo project—which is one block east of 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.

And in August 2018, Bosa acquired a half-acre property—located at 205 105th Ave. NE in between the Park Row Property and the One88 condo development—where the company has plans for a 21-story tower with 77 residential units in the works.