By Meghan Hall
The for-sale residential market has continued to benefit from the current health environment, and demand for townhomes, condominiums and single-family residences have increased as buyers are looking for more space. Developers throughout the Puget Sound are working to keep up with demand, with entitled properties of interest to developers. Pulte Homes, which already has a number of communities in the region, recently closed on a deal for a Bel-Red property already prepped for development. Pulte paid $11 million for the site, located at the corner of 132nd Ave. NE and NE Bellevue Redmond Rd. The seller, according to public documents was B.C.-based Cedar Coast.
The site that Pulte acquired totals 73,181 square feet, or about 1.68 acres, based on assessor’s parcel data. It is developed with a 12,000 square foot office building, which was originally constructed in 1977 and was used by the State of Washington as a Drivers License office. Cedar Coast originally acquired the office building for $7 million, or about $581 per square foot from Columbia West Properties, Inc. in 2017.
Cedar Coast’s website indicates that the project affiliated with the property is called “Bel-Red Townhomes.” The project has been approved by Bellevue officials, and the community will include 31 townhouse units.
Pulte has developed widely across the Puget Sound, with more than sixteen communities of varying sizes in its regional portfolio. It has developed nearby 66 Degrees, a 16-residence townhome community in Redmond. Its units total three-bedrooms and pricing starts at $924,000. The company also develops single-family communities, such as Silverleaf, in Sammamish, and Hall Lake in Lynnwood, Wash.
Cedar Coast develops not just multifamily, but industrial and residential projects throughout the Northwest. The firm currently has 21 active real estate projects in the United States and Canada. Cedar Coast’s active investment portfolio is expected to result in the development of 9 million square feet of residential and industrial. Combined, the estimated completion value of its projects comes in at more than $2 billion.