By Kate Snyder
A real estate development firm that’s known for its industrial projects appears to be looking into constructing a multifamily property within the Overlake Village in Redmond. A pre-application filed with the city shows a proposal from Link Logistics Real Estate for a 500-unit apartment complex. GGLO is the architect for the project.
The site is located at 2425 152nd Ave. NE, east of 151st Avenue NE, south of NE 26th Street and west of 152nd Avenue NE. City records show that the proposal, known as the Overlake South Block 5 project, is situated within a future master plan development zone but will be a stand alone project and not included as part of the MPD. The site is positioned in an area that encompasses a majority of the eastern half of Overlake Village, including both sides of 152nd Avenue NE.
The site is relatively flat with minimal grade change and is accessible at multiple entry points from the current and proposed roadway system, according to the pre-application. The site is currently developed with two existing buildings – a one-story structure that spans approximately 14,013 square feet and a two-story asset that totals about 20,603 square feet – as well as existing parking lots.
“Residential uses are emphasized here as part of mixed-use developments,” the pre-application states. “The land within this zone offers a strong opportunity to attract residents to this area due to its location within the core and proximity to transit options and the employment center to the north.”
Along with the residential units, the project is slated to include residential amenities, street-level retail and above and below-grade parking. Construction is planned to be five levels of wood frame over three levels of above-grade concrete and one level of below-grade concrete.
Established by Blackstone in 2019, Link Logistics is a leading owner of last-mile logistics real estate designed for the modern supply chain, according to the firm’s website. The company operates the largest portfolio of warehouses and business parks located exclusively in the United States. Link has more than 1,000 employees throughout the U.S., 25 offices in markets nationwide, 535 million square feet of logistics real estate and more than 3,500 properties in its portfolio. The recent residential project appears to be a change of pace for the firm, which largely focuses on industrial assets.
Other multifamily projects are in various states of development in Redmond.
One such project is a transit-oriented, affordable rental housing development on a site that is adjacent to the Overlake Village Station. Bellwether Housing was selected as the developer earlier this year, according to previous reporting from The Registry. Bellwether’s proposal features rents affordable to households with incomes between 30 percent and 80 percent of the area median income. The project will include 120 two- and three-bedroom apartments for larger families.