Eco-Friendly, LEED Gold-Targeted Project to Feature 1.5 Acre Preserved Urban Forest, Large Outdoor Courtyard & Sports Complex with Stunning Views
Redmond, Wash., August 1, 2017 – MainStreet Property Group LLC (www.mspgroupllc.com), a full-service Kirkland-based developer, today announced the start of construction at The Bond, a new five-story multi-family residential building located adjacent to Marymoor Park near vibrant downtown Redmond.
The Bond is MainStreet Property Group’s (MSPG) first co-investment project with global property company Grosvenor (www.grosvenor.com), which is providing capital for The Bond. The project is slated for completion in late 2018.
Situated directly across from Marymoor Park near the north end of Lake Sammamish, The Bond is located at 6160 East Lake Sammamish Parkway NE. Featuring 139 apartment homes in two Northwest-inspired buildings, the project will include numerous high-end amenities.
“This is our third recent project in Redmond and we continue to believe it’s an increasingly desirable place to live with its many enjoyable and walkable destinations,” said MainStreet Property Group President Kelly Price. “We love this city and are excited to be creating new homes that are bonded around the enjoyment of the environment, culture, the arts, music and community.
The Bond: A Truly Unique Location Celebrating the Outdoors
Built into the hillside, The Bond will feature expansive western views overlooking Lake Sammamish and Marymoor Park—the region’s largest, oldest and most popular park, featuring 15 major baseball fields, walking trails, open spaces, a dog park and popular area concert venue—The Bond is set in a truly unique location that celebrates the vast natural beauty of the Pacific Northwest.
“The name, ‘The Bond,’ is representative of the bond that a community creates,” Price added. “It’s blending nature, a community feeling, culture, the arts, music, enjoying yourself – all of the important, desirable parts of your life that fit together to create a community.”
The Bond will feature a mix of one-, two- and three-bedroom apartment homes, as well as 19 apartments affordable between 50 to 80 percent of area median income. The building also features a two-story community lobby connected to a second-floor media room, fitness center and lounge where residents can enjoy coffee, work from home, watch a game or relax with friends.
At the Bond’s highest point, an indoor/outdoor sliding wall and space with flexible seating and bar will provide residents and their guests with expansive western views of evening sunsets adjacent to the canopy of the project’s urban forest.
With a strong focus on celebrating the outdoors, additional signature elements at The Bond will include a large outdoor courtyard with one-of-a-kind outdoor amenity complex located between the project’s two buildings featuring a dynamic sports court supporting basketball, pickleball, volleyball and shuffle board. Adjacent to the building’s courtyard will be a unique outdoor patio that will feature an outdoor fireplace, water feature, and barbeques located under a heated trellis with flexible seating and outdoor music to provide year-round enjoyment.
With approximately half of The Bond’s property featuring native growth and significant trees, MainStreet Property Group is also saving more than 75 trees on the property, including many landmark trees that have existed for decades. This forest will be preserved into perpetuity.
In addition to the on-site forest, residents can also easily access the popular Marymoor Trail across the street, and gain full access to Marymoor Park and the Burke Gilman Trail, which can be used to easily access downtown Redmond, nearby retail centers and Whole Foods and Pete’s Coffee. Woodinville wine country and emerging nearby communities of Bothell and Kenmore are also just a few miles off the trail.
New Partnership with Grosvenor Group
The Bond represents MainStreet Property Group’s first co-investment project with Grosvenor, one of the world’s largest privately-owned property businesses that has developed, managed and invested in properties in more than 60 cities in the world and was founded more than 300 years ago.
“At Grosvenor, everything we do and everything we invest in is underpinned by a long-term vision,” said Alex Henderson, Vice President of Co-Investment at Grosvenor Americas, the North American subsidiary of London-based Grosvenor Group. “We’re so pleased to be providing MainStreet with project capital for The Bond, especially given their great reputation and many past successes. We share many of the same beliefs about helping create livable communities with long—and lasting—impacts on cities, and look forward to building a strong relationship with this project and many more to come.”
GenCap Construction (www.gencapcontruction.com) will be the general contractor for The Bond, Insite Property Solutions (www.insitepropertysolutions.com) is providing professional property management services and Dahlin Group Architecture Planning (www.dahlingroup.com) is the architect. Grosvenor Americas (www.grosvenor.com) is MainStreet’s capital partner and Washington Federal is the project lender.
In addition to The Bond, MainStreet Property Group has developed several additional area projects, including: The LINQ Lofts + Flats and The Spencer 68 Apartments + Lofts in Kenmore, Wash., the Six Oaks Apartments + Retail and The 104 in Bothell, Wash., The Slater 116 Apartments in Kirkland, Wash. and The Carter on the Park in Redmond, Wash. Additionally, the Heron Lofts and Flats in Redmond and The Junction in Bothell will open later in 2017, with the SKY Sammamish slated to open in Fall 2018.
For more information about The Bond and to join the interest list, visit www.thebondredmond.com.
About MainStreet Property Group
MainStreet Property Group and its family of companies develops, constructs and operates remarkable residential communities and commercial spaces with the goal of delighting our customers. To do this, MainStreet encourages innovation and creativity to foster unique perspective that emphasize thoughtful, environmentally-friendly approaches. As a leading Puget Sound developer with a focus on the Eastside, MainStreet has been a meaningful leader in the revitalization efforts of downtown Bothell, Kenmore and Sammamish, and has completed multifamily projects across the Eastside region. In addition to MainStreet Property Group, the MainStreet family of companies includes GenCap Construction Corp., a commercial general contractor (www.gencapconstruction.com) and Insite Property Solutions LLC, a property management company (www.insiteps.com). You can learn more about MainStreet Property Group LLC at: www.mspgroupllc.com.
About Grosvenor Americas
Grosvenor Americas aims to become a market leader in select geographical areas and sectors in Canada and the USA through focused, strategic expansion. Grosvenor Americas uses its knowledge of the cities they work in and their property skills to develop projects that contribute to the vibrancy and attractiveness of those communities. With particular interest in retail, residential condominiums and apartments, and mixed-use sectors, the Company currently operates in Washington, D.C., Seattle, San Francisco, Los Angeles, Vancouver and Calgary. As at 31 December 2016, Grosvenor Americas had assets under management of C$4.6bn. www.grosvenor.com @GrosvenorAmer
Structured Development Financing is an increasingly important part of Grosvenor Americas’ business strategy; the program provides flexible partnership financing to an established and growing portfolio of leading residential and mixed-use developers in Seattle, San Francisco, Los Angeles, Washington DC and Vancouver (Canada). Currently Grosvenor is invested in 19 residential led developments to deliver over 1,500 residential units with a range of local partners across its markets.