The development team behind a mixed-use project featuring three skyscrapers in Bellevue has recently unveiled a significant alteration to their initial plan. With a recent submission to the city, Stanford Hotels Group’s Cloudvue will feature residential structures in place of the originally proposed office towers, according to a report from the Puget Sound Business Journal. This marks just one of several adjustments within the proposal, now rebranded as Cloudvue 2.0.
In addition to the developer, Stanford Hotels Group, the collaborative project team features a roster including ZGF Architects, Weber Thompson, MZA Architecture, GCH Landscape Architecture, Magnusson Klemencic Associates, Rushing, Stantec, Glumac, Hart Crowser and MGAC according to the report.
Located at 10855 NE Eighth St., the three-parcel lot is less than a mile from the Bellevue Square Shopping Center and Bellevue Downtown Park, as well as the Meydenbauer Convention Center.
Though the office towers are now proposed to change to residential, the project retains its second tower as a combination of hotel and residential spaces, according to the report. Additionally, Cloudvue had initially included a performing arts center called the Playhouse on the southeastern corner of the site, adjacent to a newly established Amazon office tower. However, this concept has been replaced by plans for a three-level grocery store.
In 2018, San Francisco-based Stanford Hotels purchased three parcels comprising the project site from Plus Investment for $128 million, according to The Registry’s previous reporting. More than a year after the sale, Stanford Hotels submitted plans for three 600-foot towers composed of 1.7 million square feet of office space, 515 residential units and 40,000 square feet of active uses such as restaurants and retail. The units were to be for high-end, high-income residents. For parking, 3,100 below-grade vehicle stalls, which will total more than one million square feet, were also included in the plans.
A recently released report from Broderick Group showcases the state of the Eastside’s office market. Office vacancy rates have been steadily rising since 2019, reaching 14 percent by the start of 2023, up from 5.8 percent in 2019. In Bellevue’s Central Business District, vacancy has nearly tripled to 9.9 percent from 3.5 percent in 2019, driven by a wave of new supply entering the market, according to the report. Approximately 28.5 percent of the Bellevue CBD is currently available for lease, including former Microsoft spaces and upcoming speculative developments. Excluding an additional 1 million square feet of speculative development set to be available by 2025, there is a total of 4.5 million square feet of vacant space in the Bellevue CBD.