With two of five buildings in Phase 1 nearing completion, Security Properties starts construction on 279 more units
BELLEVUE, Wash. – (November 22, 2016) – Security Properties this week kicked off construction on its second phase of mixed-use residential development in Bellevue’s 36-acre Spring District neighborhood. Phase II is located immediately east of Phase I, which is known as Sparc Apartments.
Consisting of three buildings and 279 units of studio-, one-, two- and three-bedroom apartments, the second phase – which has yet to be named – will include two ground-floor commercial spaces totaling 3,700 square feet designed to attract neighborhood oriented retailers and other service providers to the up-and-coming community.
Planned amenities include rooftop decks, a large fitness facility, a pet salon, flexible common areas for movie and sports-viewing and even video game parties, bicycle maintenance, storage areas and more.
“For a number of years, the Spring District was merely a conceptual neighborhood fashioned after Portland’s renowned Pearl District,” said John Marasco, Security Properties’ chief development officer. “With new residential, retail and office projects on the way, including anchors Global Innovation Exchange and REI, together with the rapidly advancing Sound Transit East Link we’re seeing the long-awaited Spring District take shape and we couldn’t be happier to be a part of it.”
Phase I – Sparc Apartments – includes five buildings totaling 309 homes and 15,000 sf of commercial space. Two of the buildings are slated for completion in February 2017 and pre-leasing will begin early next year. All five Sparc buildings will open to new residents beginning in June 2017, coinciding with the opening of an expansive Bright Horizon’s childcare center who will occupy all of the ground floor commercial space.
Security Properties anticipates a 24-month construction timeline for the second phase. The project will be built to LEED standards and will participate in the Built Smart program.
Project team:
- Developer: Security Properties
- Equity partner: HAL Real Estate
- Financing: Pacific Life Insurance Company
- Architect: Mithun
- General contractor: Walsh Construction
- Structural engineering: Swenson Say Faget
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed more than 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com.
