Designs for a new international plaza were submitted to the city, and if approved it will add the tallest building and largest complex to Bellevue’s landscape. Plus Investment USA is proposing one of the towers in the complex, located at 752 108th Avenue N.E., to have a height of 600 feet and between 40 to 50 floors of office space. The other three towers will range from 430 to 450 feet and have approximately 40 floors; definitive plans are still under review.
PLUS Capital Partners is a Seattle-based real estate investment company that directs and manages U.S. investments for Plus Investment Holding Group, a Chinese-owned international investment services company that owns and operates companies involved in global capital management, finance, aviation acquisition and leasing, and real estate development.
The proposed Bellevue International Plaza, or “Park 8 Bellevue Center,” is a new 3.1 million square foot luxury mixed-use community located in Downtown Bellevue. The development will sit on 4.62 acres and is planned to consist of four towers, which include a combination of high-rise residential, luxury hotel, retail, restaurants, entertainment and office space. According to MZA, the plaza “will allow for a synergistic and unique development showcasing world renowned architecture and expansive landscaped pedestrian plazas, making it one of the most ambitious and luxurious developments in the Western United States.”
MZA is an architectural design firm headquartered in Bellevue that focuses on projects in both the U.S. and China. The founder, Ming Zhang, FAIA, is a world-renowned designer with over 30 years of global architectural practice experience, according to MZA’s website. Zhang or representatives from MZA did not return requests for comment.
Asian companies are playing a growing role in providing capital and expertise in the U.S. real estate development arena, according to CBRE’s Asian Capital to U.S. Projects report. The involvement by Asian organizations in ground-up development is dwarfed compared to the activity of acquiring existing properties, but the increased development activity and capital flows, especially over the past three years, has been dramatic.
According to the same report, China is clearly the leading country investor in land for development in the U.S., not only among Asian countries but also worldwide. Chinese companies invested $3.2 billion in development sites from 2013 to the present or one-third of the total international investment. In 2015 alone, the Chinese investment reached $1.7 billion or 45 percent of the global total.
If approved, the plaza will begin construction as early as fall of 2017 and be completed sometime in 2019, according to city records.