SEATTLE, Wash., October 6, 2020–-Nonprofit BRIDGE Housing and development partners Touchstone and Essex Property Trust are entering into negotiations with regional agency Sound Transit to create a 6.88-acre transit-oriented development (TOD) in Bellevue across from the Spring District-120th Station.
BRIDGE will serve as the qualified entity, master developer and affordable housing developer.
“Jobs, homes, transit, retail and green space: this site brings a winning combination of equitable benefits to the community,” said Cynthia Parker, BRIDGE President & CEO. “We are excited to move ahead with negotiations, and we look forward to helping the City and Sound Transit realize their vision.”
Sound Transit and the City of Bellevue have worked together for many years on a creative plan to integrate the new Operations and Maintenance Facility – East into the city’s plans for the rapidly developing BelRed corridor. Their collaborative vision included a vibrant mix of affordable and market-rate housing, office, retail and public space with close proximity to downtown.
The City and Sound Transit each contributed approximately an acre of land at no cost, valued at around $12 million, while project partners King County and the organization called A Regional Coalition for Housing (ARCH) offered a combined $14 million to support the development of affordable housing.
Last December Sound Transit issued a joint request for proposals with the project partners. The BRIDGE team proposed a project valued at more than $500 million, which includes:
- Approximately 500 units of housing, of which more than 280 are affordable units serving a range of incomes between 30% and 80% of area median income (AMI)
- More than 400,000 square feet of office space
- Active ground-floor uses including retail and resident amenities
- A public park
BRIDGE and its partners have committed to a minimum of 21% of the contract awards being performed by diverse contractors, vendors and consultants, with an aspirational goal of 25%. The team also proposed a creative financing strategy that allows ARCH and King County to reallocate their $14 million in funding to support additional affordable housing in the community.
Touchstone, a URG Company, will develop the commercial office component. They are based in Seattle and have worked in the region for more than 35 years.
“We look forward to entering this phase of negotiations with our partners and Sound Transit,” said Pat Callahan, CEO of Touchstone and URG. “With the thousands of new jobs set to arrive in Bellevue over the next few years, it’s imperative to also add new office space, affordable housing, retail and open spaces near transit. We’re excited and hope to continue to advance our concept with the Sound Transit team in the months to come.”
Essex Property Trust will develop the market-rate housing and is a fully integrated real estate investment trust (“REIT”) that acquires, develops, redevelops, and manages multifamily residential properties in selected west coast markets.
GGLO is the project’s master planner and landscape architect, as well as the architect for the multifamily/mixed-use buildings. The team has demonstrated experience developing projects of the scale proposed and will jointly deliver shared infrastructure supporting the master development site.
Over the next several months, Sound Transit and BRIDGE will negotiate business terms, which the Sound Transit Board of Directors will consider for approval in early 2021.
About BRIDGE Housing Corporation.
BRIDGE Housing, a leading nonprofit developer and owner of affordable housing, creates and manages a range of high-quality, affordable homes for families and seniors in California, Oregon and Washington. Since it was founded in 1983, BRIDGE has participated in the development of more than 18,000 homes.
About Touchstone.
Touchstone is a subsidiary of Urban Renaissance Group LLC, a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Urban Renaissance Group’s (URG) mission is to create places that inspire and connect. With a dedication to placemaking and fostering community, URG helps spark change in transforming neighborhoods by reinventing land and buildings to better serve people and the community at large.
